The Economics of Monetary Unions: Past Experiences and the Eurozone, 1st Edition (Hardback) book cover

The Economics of Monetary Unions

Past Experiences and the Eurozone, 1st Edition

Edited by Juan E. Castañeda, Alessandro Roselli, Geoffrey E. Wood

Routledge

280 pages | 34 B/W Illus.

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Hardback: 9780367347864
pub: 2020-03-04
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Description

In this book, a historical analysis of the precedents of the euro is examined within the context of the current issues affecting the Eurozone and the long-term effects of the institutional changes implemented since 2010.

The book begins by placing the Eurozone challenges in the historical context of previous monetary unions, drawing on the experience of the gold standard. It then specifically focuses on the problems arising from the running of permanent trade imbalances within the Eurozone. The authors explore the advantages and disadvantages of being a member of the Eurozone and attempt to measure the optimality of a currency area by the calculation of an index on internal macroeconomic asymmetries. They address the proposals recently made in favour of a fiscal union in the Euro zone; including the economic and political feasibility of fiscal transfers in the Eurozone. The final two papers discuss whether the monetary union is in fact more than just that, and whether it will lead inevitably to some form of political union if it is to survive.

With chapters by leading experts from both Europe and the UK, this book will appeal to students in Economics, Finance, Politics, EU integration and European studies; as well as academics and professional economists doing research in EU integration, the Euro zone, monetary history and monetary and banking unions in Europe, the UK and elsewhere.

Table of Contents

List of tables

List of contributors

List of abbreviations

Preface (by the editors)

Chapter 1: Introduction (by the editors).

Part I: Lessons from previous currency and monetary unions

Chapter 2: ‘The gold standard, the Latin Monetary Union and the Euro standard’. Guillaume Bazot, Eric Monnet and Matthias Morys.

Chapter 3: ‘A measurement of asymmetry in the running of the classical gold standard’. Juan Castañeda, Simeng He and Alessandro Roselli.

Part 2: Financing imbalances in a single monetary area. An assessment of Target2.

Chapter 4: ‘Payment systems in a multinational currency union – Is a reform of TARGET2 necessary? Uwe Schollmeyer.

Chapter 5: ‘The credit mechanics of monetary unions. A review of the Eurosystem’. Frank Decker.

Part 3: When may monetary unions fail?

Chapter 6: ‘The Economics of the European Monetary Integration: Pros and Cons of Being a Euro Country’. Donato Masciandaro and Davide Romelli.

Chapter 7: ‘An optimality index of the single currency: internal asymmetries within the Eurozone since 1999’. Juan Castañeda and Pedro Schwartz.

Part 4: Preserving unions. The Euro zone

Chapter 8: ‘Public Support for the Euro and Trust in the ECB. The first two decades of the common currency’. Felix Roth and Lars Jonung.

Chapter 9: ‘Debt restructuring for the Eurozone’. Dimitrios Tsomocos and Xuan Wang.

Chapter 10: ‘The proposals in favour of a fiscal union and Eurobonds’. ‘Are fiscal transfers inevitable in a monetary union?’ Lorenzo Codogno and Paul van den Noord

Part 5: The Euro zone: not just a monetary union?

Chapter 11: ‘Has the Euro-system become a transfer union by stealth?: some organizational challenges facing a multi-government monetary union in the managed currency era’. Tim Congdon

Chapter 12: ‘Proposals for Reforming the Eurozone: A Critique’. Roland Vaubel

Index

About the Series

Routledge Studies in the European Economy

Routledge Studies in the European Economy is our home for cutting-edge, upper-level scholarly studies and edited collections. Featuring compact and well researched volumes of 150 to 300 pages, the series provides a range of content considering the European economy alongside history, politics, cultural studies, agriculture, education, globalisation, and other subjects, titles are characterized by dynamic interventions into established subjects and innovative studies on emerging topics.

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Subject Categories

BISAC Subject Codes/Headings:
BUS000000
BUSINESS & ECONOMICS / General
BUS004000
BUSINESS & ECONOMICS / Banks & Banking
BUS027000
BUSINESS & ECONOMICS / Finance
BUS045000
BUSINESS & ECONOMICS / Money & Monetary Policy
BUS069000
BUSINESS & ECONOMICS / Economics / General