The End of the Euro begins with an overview of the birth of the euro itself. Understanding this history is essential to understand the anomalies built into the project from the beginning. These anomalies form the subject of chapter two, along with how they led to the situation that turned Greece, Portugal, and Spain into euro-destroying economic disaster areas. Chapter three shows how this was not an unforeseeable situation, as Europe's history is filled with earlier failed attempts to build monetary unions. Chapter four is focused on Germany, by far the most important country within EMU, and why the chances of Germany leaving the union are much higher than is generally assumed. The book concludes with an analysis of what lies in wait for the remains of the monetary union - and for a deeply divided and troubled continent in general. Either the EMU transforms itself fundamentally or it disintegrates.
Many member nations of the European Union-which envisioned the euro as a monetary tool for peace, stability, trade, and prosperity-are now disillusioned with their common currency. Several major debt crises have wreaked havoc on the entire monetary system, and the aftermath has included volatile financial markets and declining wealth on a global scale. Owing to inherent structural problems, reforms cannot easily be implemented. Van Overtveldt (The Chicago School: How the University of Chicago Assembled the Thinkers Who Revolutionized Economics and Business) presents strong arguments why he thinks Germany will be the first E.U. nation to cease use of the euro and cause the currency's end. Chief among these is the staggering hyperinflation that afflicted the country during 1920-24, an episode of economic chaos that still haunts its cultural memory. Therefore, the German government's primary goal is to maintain economic stability at any cost. Verdict This economic history is perfect for business students. Because the events in European markets have a global impact, especially on U.S. markets, this book should be an essential title for any reader with investments or interest in financial instruments.-Caroline Geck, Peshine Ave. Prep. Sch. Lib., Newark, NJ (c) Copyright 2012. Library Journals LLC, a wholly owned subsidiary of Media Source, Inc. No redistribution permitted.
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November 08, 2011
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