Europe Isn't Working

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Yale University Press, 2016 - Business & Economics - 312 pages
A timely and provocative account of why the euro has failed and why, as a result, the Union will unravel

Europe's center-left is rapidly falling out of love with the European single currency. Fifteen years after its creation, British journalists Larry Elliott and Dan Atkinson assess its performance to show why. Looking at a range of key indicators the authors show how the euro has failed to deliver on its promise of more jobs, more growth and greater equality. Instead it has undermined the European Union.

Elliott and Atkinson compare the European Central Bank to the Federal Reserve, arguing that the architects of the euro subjugated economic measures to political considerations. Consequently, countries that didn't meet the economic convergence criteria were still allowed entry. The end result is a dysfunctional currency union that is unable to cope with difficult economic circumstances. Assessing the situations in Greece, Germany, Italy, France, Ireland, and Iceland, as well as Britain, they show that the current policy of kicking the can down the road and hoping that something will turn up is proving increasingly unpopular with the currency's one-time fans in progressive politics. This engaging and accessibly written volume will be widely read by economists, pundits, and policymakers as Britian considers its future relationship with Europe.
 

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Contents

CHAPTER 1 THE REAL THING A tale of two product launches
1
CHAPTER 2 A BURNING BUILDING WITH NO EXITS Designing a euro inferno
29
CHAPTER 3 THE FRENCH VICEGold the euro and a peculiar taste for monetary discipline
59
CHAPTER 4 NO END OF A LESSON Schools of thought collide in the Eurozone
87
CHAPTER 5 IRE AND ICE Two crises in a cruel sea
115
CHAPTER 6 A BULLET DODGED How Gordon Brown Ed Balls and the man in thewhite coat saved Britain from a euro nightmare
145
CHAPTER 7 THE SISYPHUS EFFECT Greeces tormented euroodyssey
174
CHAPTER 8 THE ITALIAN JOB
201
CHAPTER 9 KICKING THE CAN The Eurozones neverending crisis
229
CHAPTER 10 THE END OF THE AFFAIR Why the left is falling out of love with the euro
257
ENDNOTES
285
INDEX
297
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About the author (2016)

Larry Elliott is economics editor at the Guardian.Dan Atkinson is financial editor at Sticky Content. Both authors live in the UK.

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