“The present study also offers a timely analysis of recent events, as evidenced by its sections devoted to the economic and financial crisis that started in 2008 and that is – at the time of this writing – still with us.”
Joaquín Almunia (European Commissioner for Economic and Monetary Affairs, 2004-2010)
This book is the result of five years of research and publication of papers in which I have been denouncing that certain countries were engaged in economic and monetary behavior that could potentially endanger the stability of the European project and the euro. This book is not written from a “euroskeptic” point of view; on the contrary, this book presents the advantages of having a common currency and the importance of the euro as an “integrating” economic, socially, and political tool.
This book aims to analyze the origin of the current economic crisis and financial uproar, and to depict how it is affecting the current monetary order. This book presents a thorough analysis of the implications of the current economic and financial crisis on the Eurozone, the EU, and the euro, as well as the worldwide ramifications presented int he midst of this crisis.
The introduction of the euro as a common currency for a group of European countries has not been easy; in fact, its success has been doubted since the very first moment it was envisioned. After its inception, many predicted that the euro would not last long and that it would be another economic and monetary extravaganza by the European Union.
The purpose of The Euro in the 21st Century is two-fold. First, this book clarifies the perception of the euro and empirically demonstrates that the euro has become a true common currency. Additionally, it presents the Eurozone as an optimal currency area, exhibiting the system as a blueprint to imitate. In order to demonstrate this, the study analyzes the economic and monetary requirements and policies essential to introduce the common currency, as well as the theoretical underpinnings of both the European integration process and the historical economic, monetary, political, and social circumstances that favor the creation of the economic and monetary union. Secondly, this book delineates how the current economic and monetary circumstances are affecting the euro project, doing so through an analysis of three intertwined issues. The book studies how the economic chaos and financial uproar, which has plagued the Eurozone as well as the world economy since 2088, has affected the single-currency regime and the current image of the euro worldwide. It summarizes the lesson to be learned from what can be considered “the first euro crisis.” the publication thoroughly analyzes the behaviors of the US Federal Reserve, the European Central Bank, and the International Monetary Fund during the crisis.