Book description
A fact-based treatise on the Eurozone crisis, with analysis of possible solutionsThe Incomplete Currency is the only technical — yet accessible — analysis of the current Eurozone crisis from a global perspective. The discussion begins by explaining how the Euro's architecture, the relationship between finance and the real economy, and the functioning of the Eurosystem in general are all at the root of the current crisis, and then explores possible solutions rooted in fact, not theory. All topics are analysed and illustrated, making extensive use of examples, tables, and graphics, and the ideas presented are supported by data sets and their statistical elaborations throughout the book. An extensive digital component includes numerical simulations of public debt dynamics for different Eurozone countries, evaluations of the sustainability of programmes like the Fiscal Compact, and stress tests on the ability of institutions like the ESM to cope with major liquidity crises, and the spreadsheets used to calculate data in the book is provided for readers to access for themselves.
The survival of the European monetary union has been questioned due to the accumulation of structural imbalances and the negative effects of the global financial crisis. This book lays out the full extent of the problem, explains what caused it, and provides possible solutions backed by extensive data.
- Dig down to the root of the Eurozone crisis
- Learn why austerity doesn't fix anything
- Understand how the Euro has changed economies
- Consider possible strategies for recovery
In a macroeconomic context where the monetary policy is the prerogative of the European Central Bank and fiscal policy, hopeless austerity works against the economic recovery of the Eurozone countries. A positive attitude is difficult, but necessary. The Incomplete Currency is an insightful, important resource that guides readers toward real solutions.
Table of contents
- Title Page
- Copyright
- Dedication
- List of Figures
- List of Tables
- Foreword
- Preface
- Acknowledgments
- About the Author
- About the Website
-
Chapter 1: The Building Blocks of the Single European Currency
- 1.1 The Basic Concepts: Financial Flows, Risks and Probability Distribution
- 1.2 Sovereign Credit Risk, Public Debt and Inflation
- 1.3 Single Curve of Interest Rate: EURIBOR, Euro Swap, Eurepo
- 1.4 The Monetary Policy in the Eurozone and the Mechanisms of Transmission
- 1.5 Recognition and Management of the Sovereign Credit Risk
- Chapter 2: The Eurozone Architecture and the Working Paradigms
- Chapter 3: The Single Currency Area in the Context of International Crisis
- Chapter 4: Dysfunctional Mechanisms of the Eurozone
- Chapter 5: The Pathological Banks-Governments Relationship
- Chapter 6: Assessing the Risk of a Euro Break-Up
- Chapter 7: Financial Assistance and Fiscal Agreements in the Eurozone
- Chapter 8: The Extraordinary Interventions of the ECB
- Chapter 9: The European and National Interventions on the Banking Systems
- Chapter 10: Mutualisation of the Public Debt and Fiscal Transfers
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Chapter 11: Proposals of Monetary Policy Interventions to Overcome the Crisis
- 11.1 Reforming the Statutory Objectives of the ECB: the “Zero-spread Target”
- 11.2 The Cancellation of Interests on Government Bonds Purchased by the ECB
- 11.3 The European Public Debt Refinancing Programme (EPDRP)
- 11.4 A Far More Pervasive Intervention: Partial Debt Monetisation
- 11.5 The Purchase Programme of Asset-backed Securities Guaranteed by Sovereign States and Supranational Institutions
- 11.6 A Measure of Direct Support to the Real Economy: the Cancellation of Impaired Debts of the Non-financial Private Sector
- 11.7 A Proposal for an Authentic Sustainability of the Greek Public Debt
- Chapter 12: Transparency as a Tool to Prevent Excessive Risk-taking and Contrast the Crisis
- Annex A: History of the Crisis from 2007 to the Present
- References
- Index
- End User License Agreement
Product information
- Title: The Incomplete Currency
- Author(s):
- Release date: June 2016
- Publisher(s): Wiley
- ISBN: 9781119019091
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