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Blending economic analysis with political drama, EuroTragedy chosen by both Foreign Affairs and The Financial Times as one of the best books of 2018is a groundbreaking account of the euros history and tragic consequences. In this vivid and compelling chronicle, Ashoka Mody describes how the euro improbably emerged through a narrow historical window as a flawed compromise wrapped in a false pro-European rhetoric of peace and unity. Drawing on his frontline experience as an official with the IMF, Mody situates the tragedy in a fast-paced global context and guides the reader through the forcedand unforcederrors Eurozone authorities committed during their long financial crisis. The decision to switch from national currencies to the euro unfolded as both economic and political tragedy. It weakened the growth potential of member states, which made financially vulnerable Europeans more anxious. It deepened perceptions of unfairness and widened the division between nations. Now, the burden falls on younger Europeans, a generation with a discouragingly bleak future. A compassionate view of European possibilities, EuroTragedy makes clear that the euros structural flaws will continue to haunt the continent. Instead of centralizing authority to prop up an ossified pro-Europeanist model, it is time to loosen ties that bind too tightly so that a liberal order can once more flourish. Now updated to cover the most momentous events since original publication, this will remain the authoritative book on the crisis.
List of Figures
Acknowledgments
List of Abbreviations
Introduction: Europe Ends Up Someplace Else
Chapter 1: Three Leaps in the Dark, 1950-1982
Chapter 2: Kohl's Euro, 1982-1998
Chapter 3: Schröder Asserts the German National Interest, 1999-2003
Chapter 4: Irrational Exuberance, 2004-2007
Chapter 5: After the Bust, the Denial, 2007-2009
Chapter 6: Delays and Half-Measures: Greece and Ireland, 2010
Chapter 7: Policy Wounds Leave Behind Scar Tissue, 2011-2013
Chapter 8: The ECB Hesitates, the Italian Fault Line Deepens, 2014-2017
Chapter 9: The Final Act: A Declining and Divided Europe
Scenarios: The Future Ain't What It Used to Be
Epilogue
Main Characters in the Euro Drama
Timeline of Key Events: How it Unfolded
Notes
References
Index
Description
Blending economic analysis with political drama, EuroTragedy chosen by both Foreign Affairs and The Financial Times as one of the best books of 2018is a groundbreaking account of the euros history and tragic consequences. In this vivid and compelling chronicle, Ashoka Mody describes how the euro improbably emerged through a narrow historical window as a flawed compromise wrapped in a false pro-European rhetoric of peace and unity. Drawing on his frontline experience as an official with the IMF, Mody situates the tragedy in a fast-paced global context and guides the reader through the forcedand unforcederrors Eurozone authorities committed during their long financial crisis. The decision to switch from national currencies to the euro unfolded as both economic and political tragedy. It weakened the growth potential of member states, which made financially vulnerable Europeans more anxious. It deepened perceptions of unfairness and widened the division between nations. Now, the burden falls on younger Europeans, a generation with a discouragingly bleak future. A compassionate view of European possibilities, EuroTragedy makes clear that the euros structural flaws will continue to haunt the continent. Instead of centralizing authority to prop up an ossified pro-Europeanist model, it is time to loosen ties that bind too tightly so that a liberal order can once more flourish. Now updated to cover the most momentous events since original publication, this will remain the authoritative book on the crisis.
