Overview

Blending economic analysis with political drama, EuroTragedy -chosen by both Foreign Affairs and The Financial Times as one of the best books of 2018-is a groundbreaking account of the euro's history and tragic consequences. In this vivid and compelling chronicle, Ashoka Mody describes how the euro improbably emerged through a narrow historical window as a flawed compromise wrapped in a false pro-European rhetoric of peace and unity. Drawing on his frontline experience as an official with the IMF, Mody situates the tragedy in a fast-paced global context and guides the reader through the forced-and unforced-errors Eurozone authorities committed during their long financial crisis. The decision to switch from national currencies to the euro unfolded as both economic and political tragedy. It weakened the growth potential of member states, which made financially vulnerable Europeans more anxious. It deepened perceptions of unfairness and widened the division between nations. Now, the burden falls on younger Europeans, a generation with a discouragingly bleak future. A compassionate view of European possibilities, EuroTragedy makes clear that the euro's structural flaws will continue to haunt the continent. Instead of centralizing authority to prop up an ossified pro-Europeanist model, it is time to loosen ties that bind too tightly so that a liberal order can once more flourish. Now updated to cover the most momentous events since original publication, this will remain the authoritative book on the crisis.

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9780190873721

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Reviews

"""The aptlytitled, clear written, and highly informative EuroTragedy: A Drama in Nine Acts by Ashoka Mody illuminates the euro's flawed origins, the counter productive way that Europe's political and eoncomic leaders have managed it, and its dismal prospects for the future."" -- Michael Mandelbaum ""Brilliant and biting. Ashoka Mody tells the story elegantly...he has a fine eye for the telling quote."" -- Philip Turner ""Tour de force. Coldblooded economic analysis with a passionate critique."" -- Ferdi De Ville ""Mody's book is one of the most coherent histories of the euro."" -- Hans Kundanini ""Best history of the eurozone crisis...admirable detail."" -- Andrew Moravcsik ""It is currently one of the leading works on the subject and one of the few that conveys some of the passion and urgency surrounding the issue."" -- Mathew Partridge ""Mody (Woodrow Wilson School, Princeton Univ.) has written a page-turning work that combines deep political and economic analysis with fluent prose...This book provides an excellent historical thread for understanding the current crisis in the EU, and specifically in the eurozone....Summing Up: Highly Recommended."" -- CHOICE ""The sweeping chronology of the euro is well told... he has such a good eye for what is economically important that his observations trump much of the conventional analysis he echoes... The most original parts of his book are the reasoned explanations of why debt restructuring of both sovereigns and banks should have been embraced early in the crisis and should be made a regular tool in future crises. Another highlight is his debunking of the 'Deauville myth.' ... If only this lesson is taken away, the book will have rendered a public service."" -- Financial Times ""In this book, the best history of the recent eurozone crisis yet to appear, Mody argues that the euro is dysfunctional 'because it defies the principles of economics'... Mody recounts this history in admirable detail."" -- Foreign Affairs ""[C]onvincing, readable, and satisfactorily acid"" -- National Review ""Comprehensive and fastidiously researched... One of the many strengths of Mody's book is its detailed historical narrative of how the tragedy unfolded... Whether or not one agrees with Mody's policy prescription for an ultimate happy ending, this is a supremely authoritative telling of the sad tale."" -- Independent ""Mody's book is one of the most coherent histories of the euro, starting at its origins in the minds of European leaders like Georges Pompidou and ending with the crisis that began in 2010. But perhaps the most important contribution Mody makes is his critique of the 'pro-European' ideology that was used to justify the euro's creation."" -- Hans Kundnani, Chatham House, UK ""If you want to really, really understand how the Eurozone came to be and how it went awry, this is the book for you."" -- Medium ""Mody's tome (and it is a real door-stopper) comes from a uniquely valuable perspective... [EuroTragedy] is the most detailed account yet of how the EU got things so badly wrong, and why."" -- The Sunday Times Ireland ""The many errors in official Europe's attempts to deal with the euro-area crisis are richly documented in Ashoka Mody's new book, euroTragedy. His thoroughly researched story is lively and full of detail, especially highlighting unwise and incoherent policy statements made by politicians and others in countries on both sides of the great euro-area divide between creditor and debtor. There is indeed much to criticize, and the economist has skillfully woven together many of the diverse strands of the euro-area crisis, as well as the fateful decisions taken during the years of its planning and construction."" -- The Irish Times ""EuroTragedy: A Drama in Nine Acts presents the gloomy case particularly well"" -- Edward Hadas, ZAWYA ""Combining both narrative history and detailed charts and tables, Mody's book will appeal to scholarly readers, while still being straightforward enough to be enjoyed by the intelligent layperson... it is currently one of the leading works on the subject and one of the few that conveys some o the passion and urgency surrounding the issue."" -- Dr. Matthew Partridge, MoneyWeek ""EuroTragedy tells one of the greatest, and most consequential, stories of our time: Europe's attempt to build a political union around a currency. Written with deep scholarship and the wisdom of an experienced policymaker, this landmark book is also a gripping read. Shakespeare would have loved it."" --George Akerlof, Nobel Laureate in Economics, 2001 ""Ashoka Mody has written a magnificent book on the euro, a story that he rightly describes as a tragedy. As he documents, from the very start there were Cassandras predicting a disaster to come, and at every step of the way, they were dismissed by European leaders, hiding behind political slogans and indulging in shoddy economic thinking. As I read this powerful book, I was reminded of Winston Churchill's famous remark as he reflected on the string of disastrous military decisions that led to the First World War: 'The terrible ifs accumulate.'"" -Liaquat Ahamed, Pulitzer Prize-winning author of Lords of Finance ""A magisterial overview of Europe's remarkable single currency experiment. Written in a style accessible to a wide readership, it is a must-read for researchers and policymakers. This brilliant new book would also be perfect as a main text for a university course on the euro and European integration."" --Kenneth Rogoff, Harvard University; co-author of This Time is Different ""One does not have to share Ashoka Mody's view that the German government should admit guilt for the Euro crisis to recognize that this book is fascinating reading, full of insight into the history of the euro and its ultimate failure. Written by a leading scholar and former senior IMF official, there is much to be learnt from this extremely well-written and important work. We need books like this to enter a frank and open debate."" --Hans-Werner Sinn, author of The Euro Trap ""Mody develops a dramatic historical narrative of how European leaders brushed aside the warnings of many economists and went ahead with the euro, not knowing where this would lead them. Instead of creating unity, the euro has contributed to Euroscepticism and intensified division in Europe. Mody identifies the reason: the Eurozone is an incomplete monetary union that leads to divergence and instability. This 'contrarian' book will not be popular in Brussels, but all the more so elsewhere."" --Paul De Grauwe, John Paulson Chair in European Political Economy, London School of Economics ""Written by the former chief representative of the International Monetary Fund to Ireland who was also the deputy director of the Fund's European Department, EuroTragedy provides a detailed yet highly readable first-hand account of the Eurozone crisis.""- EuropeNow"

The aptlytitled, clear written, and highly informative EuroTragedy: A Drama in Nine Acts by Ashoka Mody illuminates the euro's flawed origins, the counter productive way that Europe's political and eoncomic leaders have managed it, and its dismal prospects for the future. -- Michael Mandelbaum Brilliant and biting. Ashoka Mody tells the story elegantly...he has a fine eye for the telling quote. -- Philip Turner Tour de force. Coldblooded economic analysis with a passionate critique. -- Ferdi De Ville Mody's book is one of the most coherent histories of the euro. -- Hans Kundanini Best history of the eurozone crisis...admirable detail. -- Andrew Moravcsik It is currently one of the leading works on the subject and one of the few that conveys some of the passion and urgency surrounding the issue. -- Mathew Partridge Mody (Woodrow Wilson School, Princeton Univ.) has written a page-turning work that combines deep political and economic analysis with fluent prose...This book provides an excellent historical thread for understanding the current crisis in the EU, and specifically in the eurozone....Summing Up: Highly Recommended. -- CHOICE The sweeping chronology of the euro is well told... he has such a good eye for what is economically important that his observations trump much of the conventional analysis he echoes... The most original parts of his book are the reasoned explanations of why debt restructuring of both sovereigns and banks should have been embraced early in the crisis and should be made a regular tool in future crises. Another highlight is his debunking of the 'Deauville myth.' ... If only this lesson is taken away, the book will have rendered a public service. -- Financial Times In this book, the best history of the recent eurozone crisis yet to appear, Mody argues that the euro is dysfunctional 'because it defies the principles of economics'... Mody recounts this history in admirable detail. -- Foreign Affairs [C]onvincing, readable, and satisfactorily acid -- National Review Comprehensive and fastidiously researched... One of the many strengths of Mody's book is its detailed historical narrative of how the tragedy unfolded... Whether or not one agrees with Mody's policy prescription for an ultimate happy ending, this is a supremely authoritative telling of the sad tale. -- Independent Mody's book is one of the most coherent histories of the euro, starting at its origins in the minds of European leaders like Georges Pompidou and ending with the crisis that began in 2010. But perhaps the most important contribution Mody makes is his critique of the 'pro-European' ideology that was used to justify the euro's creation. -- Hans Kundnani, Chatham House, UK If you want to really, really understand how the Eurozone came to be and how it went awry, this is the book for you. -- Medium Mody's tome (and it is a real door-stopper) comes from a uniquely valuable perspective... [EuroTragedy] is the most detailed account yet of how the EU got things so badly wrong, and why. -- The Sunday Times Ireland The many errors in official Europe's attempts to deal with the euro-area crisis are richly documented in Ashoka Mody's new book, euroTragedy. His thoroughly researched story is lively and full of detail, especially highlighting unwise and incoherent policy statements made by politicians and others in countries on both sides of the great euro-area divide between creditor and debtor. There is indeed much to criticize, and the economist has skillfully woven together many of the diverse strands of the euro-area crisis, as well as the fateful decisions taken during the years of its planning and construction. -- The Irish Times EuroTragedy: A Drama in Nine Acts presents the gloomy case particularly well -- Edward Hadas, ZAWYA Combining both narrative history and detailed charts and tables, Mody's book will appeal to scholarly readers, while still being straightforward enough to be enjoyed by the intelligent layperson... it is currently one of the leading works on the subject and one of the few that conveys some o the passion and urgency surrounding the issue. -- Dr. Matthew Partridge, MoneyWeek EuroTragedy tells one of the greatest, and most consequential, stories of our time: Europe's attempt to build a political union around a currency. Written with deep scholarship and the wisdom of an experienced policymaker, this landmark book is also a gripping read. Shakespeare would have loved it. --George Akerlof, Nobel Laureate in Economics, 2001 Ashoka Mody has written a magnificent book on the euro, a story that he rightly describes as a tragedy. As he documents, from the very start there were Cassandras predicting a disaster to come, and at every step of the way, they were dismissed by European leaders, hiding behind political slogans and indulging in shoddy economic thinking. As I read this powerful book, I was reminded of Winston Churchill's famous remark as he reflected on the string of disastrous military decisions that led to the First World War: 'The terrible ifs accumulate.' -Liaquat Ahamed, Pulitzer Prize-winning author of Lords of Finance A magisterial overview of Europe's remarkable single currency experiment. Written in a style accessible to a wide readership, it is a must-read for researchers and policymakers. This brilliant new book would also be perfect as a main text for a university course on the euro and European integration. --Kenneth Rogoff, Harvard University; co-author of This Time is Different One does not have to share Ashoka Mody's view that the German government should admit guilt for the Euro crisis to recognize that this book is fascinating reading, full of insight into the history of the euro and its ultimate failure. Written by a leading scholar and former senior IMF official, there is much to be learnt from this extremely well-written and important work. We need books like this to enter a frank and open debate. --Hans-Werner Sinn, author of The Euro Trap Mody develops a dramatic historical narrative of how European leaders brushed aside the warnings of many economists and went ahead with the euro, not knowing where this would lead them. Instead of creating unity, the euro has contributed to Euroscepticism and intensified division in Europe. Mody identifies the reason: the Eurozone is an incomplete monetary union that leads to divergence and instability. This 'contrarian' book will not be popular in Brussels, but all the more so elsewhere. --Paul De Grauwe, John Paulson Chair in European Political Economy, London School of Economics Written by the former chief representative of the International Monetary Fund to Ireland who was also the deputy director of the Fund's European Department, EuroTragedy provides a detailed yet highly readable first-hand account of the Eurozone crisis. - EuropeNow

Author Information

Ashoka Mody is Charles and Marie Robertson Visiting Professor in International Economic Policy at the Woodrow Wilson School, Princeton University. Previously, he was Deputy Director in the International Monetary Fund's Research and European Departments. He has also worked at the World Bank, University of Pennsylvania, and AT&T's Bell Laboratories. Mody has advised governments worldwide on developmental and financial projects and policies, while writing extensively for policy and scholarly audiences.

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