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Table of Contents
The Euro; Preface; Contents; List of Figures; List of Tables; List of Boxes; 1 Eurozone Crises; 2 'Optimal' Currency Area: What Does It Mean?; Introduction; A Euro Is Not Just a Means of Payment; A Brief Definition; An Overall Macroeconomic Debate; Evaluation of an 'Optimal Currency Area'; Appendix: Two Schools of Euro-Macroeconomics; Note; 3 Why Was the EMU Established? Different Perspectives; Introduction; A 'Common' European Currency Became a Political Project Supported by the Euro-monetarists; Convergence Criteria without Convergence
The More Members of the Monetary Union, the Weaker It BecomesStability Pact without Stability; Conclusion: The Inherent Contradictions of the EMU; Note; 4 Balance-of-Payments Imbalances have Become the 'Achilles Heel' of the EMU; Introduction; Balance of Payment Imbalances are Destabilising the Eurozone; Why Balance-of-Payments Imbalances Always Matter; What Is a 'Structural Current Account'?; Theoretical Interlude: Do Not Mistake Foreign Debt for Public Debt!; Public Debt = Private Financial Wealth; Foreign Debt = Accumulated Current Account Deficits = Lack of Domestic Savings
Macroeconomic DisagreementConclusion: EMU
An Unhappy Marriage between Surplus and Deficit Countries; Notes; 5 Public Sector Deficit and Debt: Cause or Effect?; Some Introductory Remarks; Public Finances Are a Part of 'the Economy as a Whole'; Are Politicians Guards of the Common Good?; Fallacy of Composition (I): 'You Can't Live Beyond your Means'; Fallacy of Composition (II): 'The Sun Is Moving Around the Earth'; Different Concepts Related to the Public Sector Budget; Public Sector and the 'Economy as a Whole'; Spain: A Telling Case of Macroeconomic Causality
Does the Juncker Plan of 2015 Signal a (Minor) Change?Public Debt Dynamics; Conclusion: Public Finance
Cause or Effect?; The Structural Budget: A Policy Goal or a Macroeconomic Instrument?; How Do Governments Avoid Public Debt Ratios to go on Growing?; Appendix Spain: Getting Causality Right!; Notes; 6 Macroeconomic Imbalances: Unemployment and Inequality; Introduction; Causes of Unemployment; Profitability: The Margin Between Market Price and Unit (Labour) Cost; Effective Domestic and Foreign Demand; A 'race to the bottom' in the Eurozone?
Social Consequences of the Euro and the 'Race to the Bottom'Conclusion: Macroeconomic Imbalances Have Increased; Notes; 7 Distressed European Central Bank and Financial Instability; Introduction: Two Views on Money and Finance; Balance of Payments, Capital Account; Monetary and Financial Instability Within the EMU; The Dollar/Euro Exchange Rate
Instability; Intra-EMU Payments: The Target2 System; Some Concluding Remarks on Eurozone Financial Instability; Notes; 8 Any Future of the Euro?; The Past; The Present; The Future?; Note; Bibliography; Index
The More Members of the Monetary Union, the Weaker It BecomesStability Pact without Stability; Conclusion: The Inherent Contradictions of the EMU; Note; 4 Balance-of-Payments Imbalances have Become the 'Achilles Heel' of the EMU; Introduction; Balance of Payment Imbalances are Destabilising the Eurozone; Why Balance-of-Payments Imbalances Always Matter; What Is a 'Structural Current Account'?; Theoretical Interlude: Do Not Mistake Foreign Debt for Public Debt!; Public Debt = Private Financial Wealth; Foreign Debt = Accumulated Current Account Deficits = Lack of Domestic Savings
Macroeconomic DisagreementConclusion: EMU
An Unhappy Marriage between Surplus and Deficit Countries; Notes; 5 Public Sector Deficit and Debt: Cause or Effect?; Some Introductory Remarks; Public Finances Are a Part of 'the Economy as a Whole'; Are Politicians Guards of the Common Good?; Fallacy of Composition (I): 'You Can't Live Beyond your Means'; Fallacy of Composition (II): 'The Sun Is Moving Around the Earth'; Different Concepts Related to the Public Sector Budget; Public Sector and the 'Economy as a Whole'; Spain: A Telling Case of Macroeconomic Causality
Does the Juncker Plan of 2015 Signal a (Minor) Change?Public Debt Dynamics; Conclusion: Public Finance
Cause or Effect?; The Structural Budget: A Policy Goal or a Macroeconomic Instrument?; How Do Governments Avoid Public Debt Ratios to go on Growing?; Appendix Spain: Getting Causality Right!; Notes; 6 Macroeconomic Imbalances: Unemployment and Inequality; Introduction; Causes of Unemployment; Profitability: The Margin Between Market Price and Unit (Labour) Cost; Effective Domestic and Foreign Demand; A 'race to the bottom' in the Eurozone?
Social Consequences of the Euro and the 'Race to the Bottom'Conclusion: Macroeconomic Imbalances Have Increased; Notes; 7 Distressed European Central Bank and Financial Instability; Introduction: Two Views on Money and Finance; Balance of Payments, Capital Account; Monetary and Financial Instability Within the EMU; The Dollar/Euro Exchange Rate
Instability; Intra-EMU Payments: The Target2 System; Some Concluding Remarks on Eurozone Financial Instability; Notes; 8 Any Future of the Euro?; The Past; The Present; The Future?; Note; Bibliography; Index