The Euro
The First Decade

The first book to provide a wide-ranging strategic review of the first decade of the euro.

Marco Buti (Edited by), Servaas Deroose (Edited by), Vitor Gaspar (Edited by), João Nogueira Martins (Edited by)

9789279098420, Cambridge University Press

Hardback, published 1 April 2010

1048 pages, 134 b/w illus. 80 tables
23.6 x 16 x 5.5 cm, 1.77 kg

On 1 January 1999 eleven EU Member States adopted a new currency - the euro. The introduction of the euro was a remarkable feat in the history of European monetary, financial, economic and political integration. It was an event of worldwide significance. Despite much criticism and predictions that it would quickly collapse, the first decade of the euro has been a remarkable success. The euro area has now expanded to 16 members with a combined population of 326 million and contributes 16 per cent of global output. This 2010 book was the first to provide a wide-ranging strategic review of the first decade of the euro. Written by an impressive line-up of academic and professional economists, The Euro: The First Decade is an invaluable reference for scholars and policy makers who wish to know more about the successes and failures of the euro and the challenges that lie ahead.

List of figures
List of tables
List of contributors
Foreword Joaquín Almunia
Acknowledgements
1. Euro: the first decade and beyond Marco Buti, Servaas Deroose, Vitor Gaspar and João Nogueira Martins
Part I. Historical Perspective: 2. A long term perspective on the euro Michael Bordo and Harold James
3. Sui generis EMU Barry Eichengreen
Comment Niels Thygesen
Part II. OCA Theory Revisited: 4. The OCA theory and the path to EMU Francesco Mongelli
5. A modern reconsideration of the theory of optimum currency areas Giancarlo Corsetti
Comment Peter Hoeller
Part III. Monetary Policy: 6. ECB credibility and transparency Petra Geraats
7. Some observations on the ECB's monetary policy Manfred J. M. Neumann
Comment Frank Smets
Part IV. Financial Markets: 8. The ECB and the bond market Carlo Favero and Francesco Giavazzi
Comment Domenico Giannone, Michele Lenza and Lucrezia Reichlin
9. Financial market integration under EMU Tullio Jappelli and Marco Pagano
Comment Simon Hayes
10. The international role of the euro: a status report Elias Papaioannou and Richard Portes
Comment André Sapir
Part V. Fiscal Policy: 11. EMU's decentralised system of fiscal policy Jürgen von Hagen and Charles Wyplosz
Comment Martin Larch and Lucio Pench
12. Should we forsake automatic fiscal stabilization? Xavier Debrun, Jean Pisani-Ferry and André Sapir
Comment Gilles Saint-Paul
13. Fiscal policy, intercountry adjustment and the real exchange rate in EMU Christopher Allsopp and David Vines
Comment Robert Kollmann
14. Taxation policy in EMU Julian Alworth and Giampaolo Arachi
Comment Casper van Ewijk
Part VI. Growth, Trade and Volatility: 15. The impact of EMU on growth in Europe Ray Barrell, Dawn Holland, Iana Liadze and Olga Pomerantz
Comment Jörg Decressin and Emil Stavrev
16. The impact of the euro on international stability and volatility Stefan Gerlach and Matthias Hoffmann
Comment Philipp Hartmann
17. The impact of the euro on trade and FDI Richard Baldwin
Comment Karl Pichelmann
Part VII. Structural Reforms: 18. Labour markets in EMU: what has changed, and what needs to change Giuseppe Bertola
19. How product market reforms lubricate shock adjustment in the euro area Jacques Pelkmans, Lourdes Acedo Montoya and Alessandro Maravalle
Comment Gert Jan Koopman
Part VIII. Enlargement and Governance: 20. Euro area enlargement and euro adoption strategies Zsolt Darvas and György Szapáry
21. Governance in an enlarged euro area Iain Begg
Comment Jean Pisani-Ferry
References
Index.

Subject Areas: Political economy [KCP], Monetary economics [KCBM], Economics [KC], EU & European institutions [JPSN2]