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The Euro Trap: On Bursting Bubbles, Budgets, and Beliefs by Hans-Werner Sinn (Hardcover, 2014)

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This book offers a critical assessment of the history of the euro, its crisis, and the rescue measures taken by the European Central Bank and the community of states. The euro induced huge capital flows from the northern to the southern countries of the Eurozone that triggered an inflationary credit bubble in the latter, deprived them of their competitiveness, and made them vulnerable to the financial crisis that spilled over from the US in 2007 and 2008. As private capital shied away from the southern countries, the ECB helped out by providing credit from the local money-printing presses. The ECB became heavily exposed to investment risks in the process, and subsequently had to be bailed out by intergovernmental rescue operations that provided replacement credit for the ECB credit, which itself had replaced the dwindling private credit. The interventions stretched the legal strictures stipulated by the Maastricht Treaty which, in the absence of a European federal state, had granted the ECB a very limited mandate. These interventions created a path dependency that effectively made parliaments vicarious agents of the ECB's Governing Council. This book describes what the author considers to be a dangerous political process that undermines both the market economy and democracy, without solving southern Europe's competitiveness problem. It argues that the Eurozone has to rethink its rules of conduct by limiting the role of the ECB, exiting the regime of soft budget constraints and writing off public and bank debt to help the crisis countries breathe again. At the same time, the Eurosystem should become more flexible by offering its members the option of exiting and re-entering the euro - something between the dollar and the Bretton Woods system - until it eventually turns into a federation with a strong political power centre and a uniform currency like the dollar.

Product Identifiers

Publisher
Oxford University Press
ISBN-13
9780198702139
eBay Product ID (ePID)
213075164

Product Key Features

Author
Hans-Werner Sinn
Publication Name
The Euro Trap: on Bursting Bubbles, Budgets, and Beliefs
Format
Hardcover
Language
English
Subject
Economics, Finance
Publication Year
2014
Type
Textbook
Number of Pages
416 Pages

Dimensions

Item Height
241mm
Item Width
164mm
Item Weight
768g

Additional Product Features

Title_Author
Hans-Werner Sinn
Country/Region of Manufacture
United Kingdom

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The Euro Trap: On Bursting Bubbles, Budgets, and Beliefs by Hans-Werner Sinn (Hardcover, 2014)

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item 1 The Euro Trap: On Bursting Bubbles, Budgets, and Beliefs,Hans-We

item 2 The Euro Trap: On Bursting Bubbles, Budgets, and Beliefs-Hans-We

item 3 The Euro Trap: On Bursting Bubbles, Budgets, and Beliefs By Hans-Werner Sinn

item 4 The Euro Trap: On Bursting Bubbles, Budgets, and Beliefs

item 5 The Euro Trap: On Bursting Bubbles, Budgets, and Beliefs by

item 6 The Euro Trap - 9780198702139

item 7 Euro Trap On Bursting Bubbles, Budgets, and Beliefs 9780198702139 | Brand New

About this product

Product Information

Product Identifiers

Product Key Features

Dimensions

Additional Product Features

Best-selling in Adult Learning & University

The Psychology of Money: Timeless lessons on wealth, greed, and happiness by Morgan Housel (Paperback, 2020)

Secrets Of Mental Math: The Mathemagician's Guide to Lightening Calculation and Amazing Maths Tricks by Arthur Benjamin, Michael Shermer (Paperback, 2006)

Never Split the Difference: Negotiating as if Your Life Depended on It by Chris Voss, Tahl Raz (Paperback, 2017)

Behave: The Biology of Humans at Our Best and Worst by Robert M Sapolsky (Paperback, 2018)

The Ethnic Cleansing of Palestine by Ilan Pappe (Paperback, 2007)

Die with Zero: Getting All You Can from Your Money and Your Life by Bill Perkins (Paperback, 2021)

On Palestine by Noam Chomsky, Ilan Pappe (Paperback, 2015)

Save on Adult Learning & University

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