This book provides a fully revised and up-to-date analysis of the Economic and Monetary Union (EMU). With four entirely new chapters on responses to the financial crisis and the debate on reform options, Tomann assesses the EMU in comparison with other currency regimes through the adoption of a...

Dieses Buch stellt dar, warum wir die Europäische Währungsunion brauchen. Es plädiert für eine vertiefte Integration, ohne dabei deren mögliche Fallstricke auszublenden. Konkrete Maßnahmen werden diskutiert, um den Euro dauerhaft funktionsfähig zu machen. Neben der Verpflichtung aller...

Leistungsbilanzungleichgewichte und der Abbau von Defiziten -- Determinanten der Leistungsbilanz und der Einfluss sektoraler Wirtschaftsstrukturen in der Theorie -- Einfluss sektoraler Wirtschaftsstrukturen in der empirischen Analyse -- Betrachtung der Branchenebene -- Implikationen für...

1. Eurozone Crises -- 2. An 'Optimal' Currency Area: What Could it Mean? -- 3. Why was the EMU Established?: Different Perspectives -- 4. Balance of Payments Imbalances have Become the Achilles Heel of the EMU -- 5. Public Sector Deficit and Debt: Cause or Effect? -- 6. Macroeconomic Imbalances:...

Despite the success of policymakers and the European Central Bank in calming down financial markets since the summer of 2012, European leaders are still facing formidable challenges in making the single currency work in a complex environment. This book starts with a review of the necessary...

This book analyzes the effects of the recent crisis and evaluates potential solutions to the gridlock that is currently dominating the Eurozone and the European Union, concerning both the monetary policy and the budgetary and fiscal policy. The timely study highlights the main challenges that...

This book examines the Eurozone crisis in light of theoretical and empirical evidence. The first half explores specific theoretical contributions within a framework of growth theory models to examine the two major pillars of the European construction, the European Central Bank and the Maastricht...

The Economics of Monetary Union: the Theory of Optimum Currency Areas (OCAs) -- The Economic Rationale of Fiscal Rules in OCAs: The SGP and the EDP -- To Cope with Asymmetric Shocks in EMU: The Role of Labour Market Flexibility -- The Concept of Labour Market Flexicurity in the Eurozone -- The...