The Euro and International Financial Stability 1st Edition Efthymios G. Tsionas 3319011715 9783319011714

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Product details:

• ISBN 10: 3319011715
• ISBN 13: 9783319011714
• Author: Efthymios G. Tsionas

As a result of the financial crisis, the weaknesses of the Eurozone, including the public debt crisis, materialized in severe depressions in certain of its country members. In this monograph, the author analyzes structural weaknesses of the Eurozone and argues that they can be traced to (i) institutional differences, (ii) differences in the economic structures, (iii) the fundamental inability of European Bureaucracy to deal with crises, and (iv) the extreme rigidity of markets which prevents a general equilibrium in product and credit markets. He concludes that whether the Eurozone is sustainable, depends on future monetary and credit policies, and discusses the implications of reforming it in the best interest of the international banking and financial system. The recent policies of the ECB of “cheap” credit expansion are examined in detail. The approach of the work is along the lines of von Mises’ and Hayek’s Austrian tradition; additionally, substantive international empirical evidence supporting this Austrian approach is presented.

Table of contents:

1. Introduction

2. What Went Wrong with the Euro?

3. Public Debt: Introductory Remarks

4. Was the Eurozone an Acceptable Currency Union?

5. Preconditions of a Monetary Union

6. What was the Theory Behind the Formation of EMU?

7. Will the Eurozone Dissolve into its Constituents?

8. Can There be an Efficient Dissolution of a Monetary Union?

9. Complete Fiscal Freedom in the Transition Period?

10. Understanding Crises and Recessions

11. Will Bailouts Lead to a Dissolution of the Euro?

12. On the Destabilizing Effects of Bailouts

13. On Sound Money and Credit Conditions

14. The Case of Free Banking

15. The Explosion of Public Debts

16. The Current Policies of the ECB

17. Some Remarks on the Greek Problem

18. Can There be Stable Currencies After the Euro?

19. The Gold Standard and Free Banking

20. An Unexpected Supporter of the Gold Standard

21. Fundamental Problems of the Eurozone

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