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The Euro Trap: On Bursting Bubbles, Budgets, and Beliefs
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Located in: Cheltenham, Gloucestershire, United Kingdom, United Kingdom
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eBay item number:354764123906
Item specifics
- Condition
- ISBN
- 9780198702139
- Publication Year
- 2014
- Type
- Textbook
- Format
- Hardcover
- Language
- English
- Publication Name
- The Euro Trap: on Bursting Bubbles, Budgets, and Beliefs
- Item Height
- 241mm
- Publisher
- Oxford University Press
- Item Width
- 164mm
- Subject
- Economics, Finance
- Item Weight
- 768g
- Number of Pages
- 416 Pages
About this product
Product Information
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
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
Country/Region of Manufacture
United Kingdom
Item description from the seller
Business seller information
Prior Books
Brecken McPhee
Unit 42, Space Business Centre
Tewkesbury Road
Cheltenham
Gloucestershire
GL51 9FL
United Kingdom
Value added tax number:
- GB 791253618
Company registration number:
- 07981438
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I certify that all my selling activities will comply with all EU laws and regulations.
Seller assumes all responsibility for this listing.
eBay item number:354764123906
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