Emerging from the Euro Debt Crisis Making the Single Currency Work
Despite the success of policymakers and the European Central Bank in calming down financial markets since the summer of 2012, European leaders are still facing formidable challenges in making the single currency work in a complex environment. This book st
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Michael Heise
Emerging from the Euro Debt Crisis Making the Single Currency Work
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Michael Heise Allianz SE Munich, Germany
Closing Date: May 2013 ISBN 978-3-642-37526-2 ISBN 978-3-642-37527-9 (eBook) DOI 10.1007/978-3-642-37527-9 Springer Heidelberg Dordrecht London New York
Library of Congress Control Number: 2013940081 © Springer-Verlag Berlin Heidelberg 2013 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, 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. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Foreword
The crisis has changed Europe’s mindset. Since the Second World War European integration knew only one direction, the widely accepted aim was an “ever closer union”. For sure, the process did not always follow a straight line, but no one seriously doubted the finality of the European project. The Greek drama and the subsequent turmoil on Europe’s financial markets threw this European belief into disarray. Suddenly, disintegration became a real and present threat; a relapse into particularistic and nationalized European politics was no longer unthinkable. But it was a necessary wake-up call. After the establishment of the monetary union and the successful enlargement to the East, Europe became a little self-complacent. The integration process was more and more seen as a project of the elites, the technicalities of which were discussed by the experts in “Spaceship Brussels”. The people of Europe did not bother to think too much about Europe and its future. Somehow, the European project and its narrative about peace and reconciliation seemed to be stuck in the 20th century. What a difference a crisis can make. At last, we have the necessary and intense public debate about European integration and the path ahead. Even decisions by the German constitutional court about fairly obscure paragraphs of the treaty are suddenly top news and discussed widely by the public. And there is a growing number of articles and books jumping on the euro bandwagon. This book by Michael Heise, that is based on his work as Allianz’s chief economist, is no exception. But it differs by trying to bridge the gulf between academic analysis and practical recommendations that play a role for corporate decision making.
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