Overview

How and why did the euro crisis happen? What are the implications for the economic and political future of Europe? The euro is an extraordinary political and economic experiment, the results of which are still highly uncertain. This book, written by a leading commentator on the economics of the European Union, provides a clear and analytical guide to the euro experiment and the subsequent crisis. Written in a balanced way that is neither pro-euro nor euro-sceptic, it explains the political forces that helped to create and maintain the single currency. Further, it argues that the recent crisis can be best understood in terms of six fundamental issues: sovereign debt, banking, private debt, macroeconomic imbalances, defective economic governance, and the interplay of national and European politics. This accessible account will appeal to a wide readership, including general readers and students as well academics and policymakers working in banking and public policy.

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9781107104891

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Reviews

This excellent book provides a convincing analysis of the euro crisis, examining six distinct facets of it, of which deeply-flawed governance is adjudged to have been the most damaging. It is very well researched, well documented and has clearly benefited from the author's proximity to the action throughout the many twists and turns. A particular strength of the book is that, unlike the analyses of so many mainstream economists (especially those of an Anglo-Saxon persuasion), it explains the complicated political economy challenges behind the crisis. Iain Begg, Professorial Research Fellow, European Institute, London School of Economics and Political Science The euro crisis, as Paul Wallace reminds us, is one of those times when history speeds up. Wallace slows it down just enough to render the crisis comprehensible without sacrificing the drama associated with the breakneck pace of events. The euro is not going away anytime soon, and neither is this invaluable book. Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley Well written, insightful, and meticulously balanced, The Euro Experiment provides an excellent guide to why the Eurozone crisis occurred and why the interaction of economic and political factors have made it so difficult to resolve. Clearly identifying the inherent design flaws of the Eurozone project, it defines well the major changes needed if the euro is to succeed rather than merely survive. A must-read for anyone who wants to understand the challenges facing Europe. Lord Adair Turner, Institute for New Economic Thinking

'This excellent book provides a convincing analysis of the euro crisis, examining six distinct facets of it, of which deeply flawed governance is adjudged to have been the most damaging. It is very well researched, well documented and has clearly benefited from the author's proximity to the action throughout the many twists and turns. A particular strength of the book is that, unlike the analyses of so many mainstream economists (especially those of an Anglo-Saxon persuasion), it explains the complicated political economy challenges behind the crisis.' Iain Begg, Professorial Research Fellow, European Institute, London School of Economics and Political Science 'The euro crisis, as Paul Wallace reminds us, is one of those times when history speeds up. Wallace slows it down just enough to render the crisis comprehensible without sacrificing the drama associated with the breakneck pace of events. The euro is not going away anytime soon, and neither is this invaluable book.' Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley 'Well written, insightful, and meticulously balanced, The Euro Experiment provides an excellent guide to why the Eurozone crisis occurred and why the interaction of economic and political factors have made it so difficult to resolve. Clearly identifying the inherent design flaws of the Eurozone project, it defines well the major changes needed if the euro is to succeed rather than merely survive. A must-read for anyone who wants to understand the challenges facing Europe.' Lord Adair Turner, Institute for New Economic Thinking

Author Information

Paul Wallace is European economics editor at The Economist, covering the economies and public finances of the European Union. He is also a former economics editor of The Independent.

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