The Euro Trap: On Bursting Bubbles, Budgets, and Beliefs by Hans-Werner Sinn (En

Description: The Euro Trap by Hans-Werner Sinn Estimated delivery 3-12 business days Format Hardcover Condition Brand New Description This book offers a critical assessment of the history of the euro, its crisis, and the rescue measures taken by the European Central Bank and the community of states. Publisher Description This book offers a critical assessment of the history of the euro, its crisis, and the rescue measures taken by the European Central Bank and the community of states. The euro induced huge capital flows from the northern to the southern countries of the Eurozone that triggered an inflationary credit bubble in the latter, deprived them of their competitiveness, and made them vulnerable to the financial crisis that spilled over from the US in 2007 and 2008. As privatecapital shied away from the southern countries, the ECB helped out by providing credit from the local money-printing presses. The ECB became heavily exposed to investment risks in the process, andsubsequently had to be bailed out by intergovernmental rescue operations that provided replacement credit for the ECB credit, which itself had replaced the dwindling private credit. The interventions stretched the legal strictures stipulated by the Maastricht Treaty which, in the absence of a European federal state, had granted the ECB a very limited mandate. These interventions created a path dependency that effectively made parliaments vicarious agents of the ECBs Governing Council.This book describes what the author considers to be a dangerous political process that undermines both the market economy and democracy, without solving southern Europes competitivenessproblem. It argues that the Eurozone has to rethink its rules of conduct by limiting the role of the ECB, exiting the regime of soft budget constraints and writing off public and bank debt to help the crisis countries breathe again. At the same time, the Eurosystem should become more flexible by offering its members the option of exiting and re-entering the euro - something between the dollar and the Bretton Woods system - until it eventually turns into a federation with a strong politicalpower centre and a uniform currency like the dollar. Author Biography Hans-Werner Sinn is Professor of Economics and Public Finance at the University of Munich, President of the Ifo Institute - Leibniz-Institute for Economic Research, Director of the University of Munichs Center for Economic Studies, and President of CESifo. He is a member of the Council of Economic Advisors to the German Ministry of Economics as well as former president of the International Institute of Public Finance (IIPF) and of the Verein fÜrSocialpolitik, the association of German-speaking economists. He holds honorary doctorate degrees from the universities of Magdeburg, Helsinki, and the HHL Leipzig Graduate School of Management, and has been knightedwith the Maximilian Order. He is the author of more than 20 monographs and 135 scientific articles. The British newspaper The Independent nominated him as one of the "ten people who changed the world " in 2011. The German Business weekly Wirtschaftswoche ranked Sinn 62 among the 100 most powerful people in Germany. Details ISBN 0198702132 ISBN-13 9780198702139 Title The Euro Trap Author Hans-Werner Sinn Format Hardcover Year 2014 Pages 404 Publisher Oxford University Press GE_Item_ID:134524358; About Us Grand Eagle Retail is the ideal place for all your shopping needs! With fast shipping, low prices, friendly service and over 1,000,000 in stock items - you're bound to find what you want, at a price you'll love! Shipping & Delivery Times Shipping is FREE to any address in USA. Please view eBay estimated delivery times at the top of the listing. Deliveries are made by either USPS or Courier. We are unable to deliver faster than stated. International deliveries will take 1-6 weeks. NOTE: We are unable to offer combined shipping for multiple items purchased. This is because our items are shipped from different locations. Returns If you wish to return an item, please consult our Returns Policy as below: Please contact Customer Services and request "Return Authorisation" before you send your item back to us. Unauthorised returns will not be accepted. Returns must be postmarked within 4 business days of authorisation and must be in resellable condition. Returns are shipped at the customer's risk. We cannot take responsibility for items which are lost or damaged in transit. For purchases where a shipping charge was paid, there will be no refund of the original shipping charge. Additional Questions If you have any questions please feel free to Contact Us. Categories Baby Books Electronics Fashion Games Health & Beauty Home, Garden & Pets Movies Music Sports & Outdoors Toys

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