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Euro --- Eurozone --- Monetary policy --- Monetary unions

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The financial and economic crisis that hit Europe in 2009 brought out the precariousness of the monetary union, accentuating the economic disequilibrium among European nations and strengthening Euro-skepticism. The crisis served as a catalyst for long-standing and unresolved problems: the creation of a singly monetary area with intergovernmental control, the final act in the construction of a Europe economically united but without a government and a state; the consequent discrepancy between forming a consensus that remains in large part national and the political dynamics in Europe; the sustainability of a monetary union in the absence of an economic-social union, which presents again the long-standing debate between "monetarist" countries and "economist" countries.This book aims at placing current events within a long-term framework composed of a mosaic of multidisciplinary contributions that can provide the reader with keys which are adequate for an understanding of these events and useful for opening up new horizons.The book begins with a look at 20th-century monetary unification projects in an attempt at reconstructing the long road toward the single currency: the first monetary unification projects in the 1950s and 1960s; the turbulence of the 1970s; the new impetus given by the European Monetary System to the cohesion among European countries; the causes of the 1992 crisis; and the long struggle for the Monetary Union, which would end at Maastricht. Finally, it focuses on the most recent events - the creation of the Eurozone and its crisis - starting from the turbulent years of the first decade of the new millennium and ending on May 31, 2016, just before the Brexit referendum.The book focuses on analyzing the strategies undertaken during the monetary unification process, underscoring, on the one hand, the conviction of the Founding Fathers of the EMU that a single currency would favor further progress toward a more stringent economic and political integration, and on the other the continuing national resistance to the transfer of sovereignty from the national states to the European Union.

Monetary unions --- Monetary policy --- History. --- Economic and Monetary Union --- European Union countries --- Economic integration

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This text provides a full and dispassionate account of the politics and economics of the Eurozone crisis, focusing on the interlinked origins and impacts of the Euro-Zone crisis and the policy responses to it.

Financial crises --- Eurozone. --- Monetary policy --- European Union countries --- Economic policy. --- Euro area --- Euro zone --- Monetary unions --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises

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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.

Eurozone. --- Monetary unions --- Financial crises --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Money --- Euro area --- Euro zone --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- European Union countries. --- Europe --- Economic integration.

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This volume book brings together nine background papers prepared for an evaluation by the IMF Independent Evaluation Office of “the IMF and the crises in Greece, Ireland, and Portugal.” It presents an authoritative work on the evolving relationship between the IMF and the euro area, a common currency area founded in 1999 consisting of advanced, highly integrated economies in Europe. The euro area, or any common currency area for that matter, has posed challenges to the IMF’s operational activities as its Articles of Agreement contain no provision for joint membership. The challenges became intense when a series of crises erupted in Greece, Ireland, and Portugal from 2009 to 2011, and the Fund was called upon to help intervene by offering its financing and crisis management expertise. The IMF found itself in uncharted territory where there was no precedent or established procedure. The chapters, many of which are prepared by prominent academics and former senior IMF officials who are thoroughly familiar with internal procedures, discuss various aspects of the IMF’s engagement with the euro area, including precrisis surveillance, how key decisions were made, how the IMF collaborated with European institutions, and how it designed and implemented its lending programs with the three crisis countries. The book gives prominence to governance-related issues, given the large voting share (of more than 20 percent) within the IMF of euro area members and the subsequent public perception that the IMF treated the euro area more favorably than it does developing and emerging market members. The approaches are both cross-cutting and country-based. Some chapters deal with issues related to the euro area as a whole, while others focus on how the Fund engaged with individual euro area countries. The book contains a statement on the IEO evaluation by the IMF Managing Director and a Summing Up of the Executive Board discussion held in July 2016.

Economic development. --- Financial crises. --- Asset and liability management --- Banking --- Banks and Banking --- Banks and banking --- Banks --- Bonds --- Debt Management --- Debt restructuring --- Debt --- Debts, External --- Debts, Public --- Depository Institutions --- Economic & financial crises & disasters --- Economic integration --- Economic sectors --- Exports and Imports --- Finance --- Finance: General --- Financial Aspects of Economic Integration --- Financial Crises --- Financial Risk Management --- Financial sector --- Financial services industry --- Fiscal Policy --- Fiscal policy --- Fiscal stance --- General Financial Markets: General (includes Measurement and Data) --- International economics --- Investments: Bonds --- Macroeconomics --- Micro Finance Institutions --- Monetary unions --- Mortgages --- Public debt --- Public finance & taxation --- Public Finance --- Sovereign Debt --- Greece