Europe and the Euro Integration, Crisis and Policies
'Enrico Marelli and Marcello Signorelli provide an excellent analysis of the causes of the Eurozone crisis and of the strategies that we will have to follow to ensure the survival of the Euro.'– Paul De Grauwe, Professor of European Political Economy, Lon
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Enrico Marelli • Marcello Signorelli
Europe and the Euro Integration, Crisis and Policies Foreword by Paul De Grauwe
Enrico Marelli University of Brescia Brescia, Italy
Marcello Signorelli University of Perugia Perugia, Italy
ISBN 978-3-319-45728-4 ISBN 978-3-319-45729-1 (eBook) DOI 10.1007/978-3-319-45729-1 Library of Congress Control Number: 2016950852 © The Editor(s) (if applicable) and The Author(s) 2017 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Cover illustration: Pattern adapted from an Indian cotton print produced in the 19th century Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
To European people and future generations
A unified Europe has a meaning for civilization that is deeper even than security and peace. Europe was the source of the cultural achievements from which we all benefit [ . . . ] WE ARE NOT UNITING STATES, WE ARE UNITING HUMAN BEINGS. (Jean Monnet, ‘The United States of Europe’, Washington, 30 April 1952)
FOREWORD
The sovereign debt crisis that erupted in 2010 exposed the design failures of the Eurozone. These have long been known. Right from the start of the Eurozone many economists warned that these design failures would lead to problems and conflicts within the currency union, and that the Eurozone in the end would fall apart if these failures were not corrected. ‘Visionary’ European politicians brushed aside the warnings from economists in the 1990s that the euro is based on a flawed construction. Nothing would stop their great monetary dream, certainly not the objections of down-to-earth economists. What are these design failures?
THE EUROZONE IS NOT
AN
OPTIMAL CURRENCY AREA
The European monetary union (EMU) lacked a mechanism that can stop divergent economic developments between countries. Some countries experienced a boom, o
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