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The Euro Area and the Financial Crisis

$129.99

Miroslav Beblavý, David Cobham, Ľudovít Ódor, Athanasios Orphanides, Thorvardur Tjörvi Ólafsson, Thórarinn G. Pétursson, Philip R. Lane, Angel Gavilán, Pablo Hernández de Cos, Juan F. Jimeno, Juan A. Rojas, Aurelijus Dabušinskas, Martti Randveer, Biswajit Banerjee, Damjan Kozamernik, Ewald Nowotny, Zdeněk Tůma, David Vávra, Francesco Giavazzi, Luigi Spaventa, Daniele Franco, Stefania Zotteri, Thomas F. Huertas, Laurent Clerc, Benoît Mojon, Boris Cournède, Diego Moccero, Wendy Carlin, Vítor Gaspar, Stefan Gerlach, Jacques Mélitz
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  • Date Published: November 2011
  • availability: Available
  • format: Hardback
  • isbn: 9781107014749

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About the Authors
  • The financial crisis of 2007–2010 has presented a number of key policy challenges for those concerned with the long-term stability of the euro area. It has shown that price stability as provided by the European Central Bank is not enough to guarantee financial stability, and exposed fault lines in governance and deficiencies in the architecture of the financial supervisory and regulatory framework. This book addresses these and other issues, including why the crisis affected some countries more than others, whether the euro is still attractive for new EU states, and what policy changes and structural reforms, both macro and micro, should be undertaken to ensure its future viability. Written by a team of leading academic and central bank economists, the book also includes chapters on the cross-country incidence of the crisis, the Irish crisis and ECB monetary policy during the crisis, and studies on Spain, the Baltics, Slovakia and Slovenia.

    • Important contribution to ongoing discussion about policy reform and long-term stability of the euro area
    • Explains why financial crisis has hit some EU states harder than others
    • Examines issues of accession to euro area for future members
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    Reviews & endorsements

    "The euro area is in the throes of an existential crisis. Understanding how it can get out requires first understanding how it got in. This book provides the essential background on the onset of the crisis, complete with national variations, before describing what European policy makers should do next. One can only hope that they heed the authors' advice." - Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley

    "A large collection of analyses by many of the best economists. The topic is burning, the discussions go right to the heart of the matter and all big issues are included. Rush to read this book because it deals with front-page news and because things change so fast." - Charles Wyplosz, Professor of International Economics and Director of the International Centre for Money and Banking Studies, The Graduate Institute, Geneva

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    Product details

    • Date Published: November 2011
    • format: Hardback
    • isbn: 9781107014749
    • length: 372 pages
    • dimensions: 229 x 152 x 22 mm
    • weight: 0.67kg
    • contains: 56 b/w illus. 48 tables
    • availability: Available
  • Table of Contents

    List of figures
    List of tables
    List of boxes
    List of contributors
    1. Introduction Miroslav Beblavý, David Cobham and Ľudovít Ódor
    2. Towards a new architecture for financial stability in Europe Athanasios Orphanides
    Part I. The Experience of the Crisis:
    3. Weathering the financial storm: the importance of fundamentals and flexibility Thorvardur Tjörvi Ólafsson and Thórarinn G. Pétursson
    4. The Irish crisis Philip R. Lane
    5. The crisis in Spain: origins and developments Angel Gavilán, Pablo Hernández de Cos, Juan F. Jimeno and Juan A. Rojas
    6. The financial crisis and the Baltic countries Aurelijus Dabušinskas and Martti Randveer
    Part II. Accession to the Euro Area:
    7. The road to euro adoption: a comparison of Slovakia and Slovenia Biswajit Banerjee, Damjan Kozamernik and Ľudovít Ódor
    8. Is the euro really a 'teuro'? The effects of introducing the euro on prices of everyday non-tradables in Slovakia Miroslav Beblavý
    9. The euro's contribution to economic stability in Central, Eastern and Southeastern Europe: is euro adoption still attractive? Ewald Nowotny
    10. Is the euro still attractive for CEE countries? Zdeněk Tůma and David Vávra
    Part III. The Future of the Euro Area:
    11. Why the current account may matter in a monetary union: lessons from the financial crisis in the euro area Francesco Giavazzi and Luigi Spaventa
    12. National fiscal rules within the EU framework Daniele Franco and Stefania Zotteri
    13. The road to better resolution: from bail-out to bail-in Thomas F. Huertas
    14. Financial stability and monetary policy: lessons from the euro area Laurent Clerc and Benoît Mojon
    15. Is there a case for price level targeting? Boris Cournède and Diego Moccero
    16. Heterogeneity in the euro area and why it matters for the future of the currency union Wendy Carlin
    17. How to regain confidence in the euro area? Vítor Gaspar
    18. How to regain confidence in the euro area Stefan Gerlach
    19. How to save the euro? Lessons from the US Jacques Mélitz
    Index.

  • Editors

    Miroslav Beblavý, Univerzita Komenského v Bratislave, Slovakia
    Miroslav Beblavý has an unusual blend of academic and political experience. He is a Senior Research Fellow at the Brussels think tank, Centre for European Policy Studies and, at the same time, Member of the Slovak Parliament. He is also Associate Professor of Public Policy at the Comenius University in Bratislava, Slovakia. In the past, he served as a junior minister in his country's government, created an influential think tank and worked for a range of multilateral development institutions as a consultant in Europe, Africa and the Caucasus.

    David Cobham, Heriot-Watt University, Edinburgh
    David Cobham is Professor of Economics at Heriot-Watt University. He is a specialist in monetary policy who has worked on UK, French and Italian monetary policy, on European monetary integration and on monetary policy and exchange rate regimes in the Middle East and North Africa. He is the editor or co-editor of a number of books on European monetary integration, including The Travails of the Eurozone (2007) and Twenty Years of Inflation Targeting: Lessons Learned and Future Prospects (Cambridge University Press, 2010).

    L'udovít Ódor, National Bank of Slovakia
    Ľudovít Ódor is an advisor to the Prime Minister and Minister of Finance in Slovakia. In the past, he served as a member of the Bank Board at the National Bank of Slovakia and Executive Director responsible for research. He also worked as a Chief Economist at the Ministry of Finance of the Slovak Republic. He played an important role in institutional and structural reforms in Slovakia including the euro adoption in 2009.

    Contributors

    Miroslav Beblavý, David Cobham, Ľudovít Ódor, Athanasios Orphanides, Thorvardur Tjörvi Ólafsson, Thórarinn G. Pétursson, Philip R. Lane, Angel Gavilán, Pablo Hernández de Cos, Juan F. Jimeno, Juan A. Rojas, Aurelijus Dabušinskas, Martti Randveer, Biswajit Banerjee, Damjan Kozamernik, Ewald Nowotny, Zdeněk Tůma, David Vávra, Francesco Giavazzi, Luigi Spaventa, Daniele Franco, Stefania Zotteri, Thomas F. Huertas, Laurent Clerc, Benoît Mojon, Boris Cournède, Diego Moccero, Wendy Carlin, Vítor Gaspar, Stefan Gerlach, Jacques Mélitz

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