Stefan Collignon

The Causes and Consequences of Currency Blocs

Bloc Floating and Exchange Rate Volatility

This volume contributes to the European debate on the best way of achieving Economic and Monetary Union, as agreed by the Treaty of Maastricht. Contributions are provided from a large group of experts, both academics and market participants from all EC countries.

Europe's Monetary Future

Daniela Schwarzer

The Power of Ideas

Private Sector Involvement in the Euro

Piero Esposito

This book deals with the relationship between the competitiveness of countries in Europe and the analysis of macroeconomic imbalances. It focuses mainly on a European analysis, along with special studies of the German economy, which is rarely considered to be a cause for the current crisis. The book also compares Germany with Italy, providing a comparative perspective on structural reforms. The first part of this book analyses macroeconomic imbalances based on a new framework from the analysis of the flow of founds rather than balance of payments, and presents an alternative measure of unit labour cost comparisons to investigate the relationship between imbalances and competitiveness. The second part is dedicated to the analysis of the trade performance of Germany and Italy and the sustainability of the German model in the EMU. The third part describes the reform policies implemented by Germany and their effect on imbalances; this includes wage moderation, the labour market reforms and weak labour demand. The final part explores the regional inequalities within Germany and Italy, providing useful lessons regarding fiscal federalism and regional banking developments. In conclusion, a big part of the problems within the Euro Area are generated by the use of a wrong framework of analysis, where the EMU is considered as a fixed exchange rate regime and not a single country. This book provides an alternative view which holds at the core the relationship between sectors. It is stressed throughout the book that the German behaviour has contributed to the rise of imbalances between countries due to its growth model, not suitable for a big developed country in a currency union. This book also finds that stressing banking integration within countries helps to reduce regional inequalities, which has important implications for the management of Europe’s future banking union and macroeconomic imbalances.

Competitiveness in the European Economy

This book looks at the role of the Association for Monetary Union in Europe's role in the construction of the Euro. It argues that the AMUE played a prominent role in the adoption of a number of proposals related to the single currency and had a guiding influence on the transition from a market-let to an institution-centred approach to monetary union.

Susanne Mundschenk

Handbuch zur Europäischen Währungsunion

Die Währungsunion - Chance für Europa

Christian Paul

L’Europe a inventé la démocratie ; elle ne se l’applique pas à elle-même ! Elle doit donc trouver un nouveau cap. Face aux nouvelles puissances et à des défis désormais mondialisés, l’Union demeure un directoire d’États-nations. Pour éviter que l’archipel des nations ne retourne à l’impuissance et à l’incantation populiste, ce livre appelle à un gouvernement responsable devant l’ensemble des citoyens européens. L’urgence s’invite : le « non » irlandais, la crise du capitalisme financier ou la guerre en Géorgie. Pourtant, à l’échelle de notre continent en panne, la coalition traditionnelle des conservateurs et des néolibéraux bloque l’espoir européen. En France, la gauche reste silencieuse depuis le référendum de 2005. Dans le piège de l’Europe sans légitimité, Nicolas Sarkozy renoue avec une diplomatie de court terme. Seule une nouvelle alliance progressiste et moderne, retrouvant l’énergie des fondateurs, permettra de redonner force au désir d’Europe. Les vraies raisons de la crise européenne, les voies pour en sortir. ﻿Christian Paul, député socialiste de la Nièvre et ancien secrétaire d’État à l’Outre-Mer, est membre de la délégation pour l’Union européenne de l’Assemblée nationale française. Stefan Collignon, professeur d’économie politique à Londres, Harvard, puis Pise et ancien haut fonctionnaire allemand, préside l’Association pour la démocratie européenne.

Stefan Collignon

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