Europe’s Monetary (Dis)Union
Europe's Progress Toward Economic Integration
New Opportunities and New Challenges
Euro Fantasies: Common Currency as Panacea
The Case for EMU: More than Money
EMU and International Conflict
The Dollar and the Euro
The Degeneration of EMU
The Future of the Euro
Why the Greek Crisis Will Not Ruin Europe’s Monetary Union
The Failure of the Euro
The Little Currency That Couldn’t
The Crisis of Europe
How the Union Came Together and Why It’s Falling Apart
Can Europe’s Divided House Stand?
Separating Fiscal and Monetary Union
Saving the Euro Will Mean Worse Trouble for Europe
Charting the Disastrous Choices Ahead
Can the Eurozone Be Saved?
Yes, but the EU Summit Was Too Little, Too Late
How to Save the Euro -- and the EU
Reading Keynes in Brussels
Why Only Germany Can Fix the Euro
Reading Kindleberger in Berlin
The Myth of German Hegemony
Why Berlin Can't Save Europe Alone
Europe's Optional Catastrophe
The Fate of the Monetary Union Lies in Germany’s Hands
Why the Euro Will Survive
Completing the Continent’s Half-Built House
Avoiding the Next Eurozone Crisis
How to Build an EU that Works
Europe After the Crisis
How to Sustain a Common Currency
Europe's New Normal
It's Here, It's Unclear, Get Used to It
So Long, Austerity?
Syriza's Victory and the Future of the Eurozone
Austerity vs. Democracy in Greece
Europe Crosses the Rubicon
Why Greece Will Cave—and How
Alexis Tsipras and the Debt Negotiations
Why Greece and Europe Will Still Stay Attached
How to Contain Athens' Economic Problems
A Pain in the Athens
Why Greece Isn't to Blame for the Crisis
The Agreekment That Could Break Europe
Euroskeptics, Eurocritics, and Life After the Bailout
The Greek debt crisis has shaken the euro just in time for its 10th birthday. This latest challenge should have come as no surprise; it would have been a miracle had the currency been immune to such problems. If anything, the past few years have shown that although the euro is a remarkable construct, it is incomplete: the eurozone is financially unified but not yet politically unified enough. This deficiency underlies the euro’s current problems and makes them more difficult to address.
Monetary unity entails a much greater degree of political unity than many European commentators, politicians, academics, and publics assumed it would. In a monetary union, political decisions taken in one country affect the economies of other countries in very direct and sometimes dramatic ways. This means that many national problems can only be dealt with jointly, across the whole currency area. The Greek economy accounts for only two percent of eurozone GDP, but its current sovereign debt crisis is causing economic instability throughout the whole region. It needs to be resolved through tough political decisions in both Athens and Brussels; it will be up to the Greek government to implement any economic adjustment program, but the financing for that plan is in the European Council’s hands.
The EU’s current institutional framework does not allow for smooth European decisionmaking. Political life in Europe is still essentially domestic. Economic policies are created individually, and largely with national interests in mind. There are very few bodies that hold a eurozone-wide perspective, the European Central Bank being one of them. Unlike other institutions that coordinate policy among eurozone nations, the ECB is tasked with implementing a single monetary policy -- one interest rate -- for all of them. This forces it to look at the overall macroeconomic and financial picture.
It has proved difficult for countries that have already started recovering from the 2008 economic recession -- Germany being the main one -- to grasp the global ramifications of the Greek
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