The Euro Why it Failed
This book takes a close look at macroeconomic imbalances within the Eurozone and explores the profound consequences the introduction of the European Monetary Union (EMU) has had on Euro area countries. Particular attention is given to balance of payments
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Economic and Monetary Union Eurozone ERM II members EU members without ERM II Non-EU members with Euro Iceland
Finland Sweden
Norway
Estonia Russia Latvia Denmark
Lithuania
Ireland United Kingdom
Belarus Netherlands Belgium
Poland Germany Ukraine
Czech Republic
Luxembourg
Slovakia Switzer- Liecht land
France
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Austria Hungary Romania
Slovenia Croatia Bosnia and HerzegoSan Serbia vina Marino Montenegro Italy MaceVatican City Al- donia bania
Monaco Andorra Portugal Spain
Bulgaria
Turkey Greece
Morocco
Algeria
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Cyprus Malta
EU and the Eurozone (Map)
Jesper Jespersen
The Euro Why it Failed
Jesper Jespersen Roskilde University Roskilde, Denmark
ISBN 978-3-319-46387-2 ISBN 978-3-319-46388-9 (eBook) DOI 10.1007/978-3-319-46388-9 Library of Congress Control Number: 2016951679 © The Editor(s) (if applicable) and The Author(s) 2016 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: Modern building window © saulgranda/Getty 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
PREFACE
I have worked on European monetary integration ever since I wrote my PhD dissertation on ‘Theories of Balance of Payments with special regard to the Danish Capital Account’, which was defended in September 1979 at the European University Institute (EUI), Florence, Italy. Since then, it has been a dramatic period in the history of European macroeconomic development. I have followed it closely and have taken an active part in debates leading up to the two referenda we have had in Denmark on the participation in the European Monetary Union in the years 1992 and 2000. Each time the proposal was rejected, a majority of voters did not find the arguments of giving up monetary sovereignty in favour of an uncertain act of European integration, although the posi
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