{"product_id":"europes-orphan-9780691175942","title":"Europes Orphan","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003eFinancial Times Best Books in Economics of the Year One of Financial Times (FT.com) Best Books in Economics 2015, chosen by Martin Wolf \"Refreshingly eccentric.\"--Wolfgang Streek, London Review of Books \"Well-written and closely argued,Europe's Orphanought to delight the smarter supporters of European integration and will challenge some long-held assumptions of their euroskeptic opponents, not least the perception that the currency union has gnawed away at the international competitiveness of the eurozone's weaker economies.\"--Andrew Stuttaford, Wall Street Journal \"Books that attack the conventional wisdom are refreshing. They force us to rethink. That is what Martin Sandbu'sEurope's Orphandoes--and what makes it stand out in the increasingly crowded field of eurocrisis analysis... [S]timulating and important.\"--Paul De Grauwe, Financial Times \"[A] stimulating and entertaining book... [Sandbu] has performed a public service by challenging the present dreary consensus on the fate of the euro and, in his final chapter, by reminding us what the single currency was for.\"--Richard Lambert, Prospect \"Financial Times writer Sandbu (Just Business) looks past current headlines to the ideals and realpolitik strategy behind the Eurozone, arguing that it remains Europe's best hope for preserving global relevance... The book cogently explains why scapegoating the euro for Europe's economic and political disunity is nonsense.\"--Publishers Weekly \"A highly intelligent, thought-provoking book, to be read by anyone who follows contemporary macroeconomic policy.\"--Tyler Cowen, Marginal Revolution \"Martin Sandbu's book is a robust and generally well-informed critique of the handling of the euro-area crisis.\"--Patrick Honohan, Irish Times \"The book provides a sophisticated 'liquidationist' alternative to the dominant rhetoric.\"--Martin Wolf, Financial Times, a FT Best Book of 2015 \"[A] valuable recent book on the Euro crisis.\"--Arthur Goldhammer, The American Prospect \"Intelligent, well-sourced, controversial.\"--Anders Horntvedt, Finansavisen \"These provocative and insightful arguments are particularly valuable at a time when austerity retains its intellectual luster despite its manifest failures.\"--Andrew Moravcsik, Foreign Affairs \"A spirited defense and a thoughtful reinterpretation of the eurozone's unpromising recent history.\"--Mark Harrison, Enterprising Investor\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003ePREFACE TO THE PAPERBACK EDITION xi  PREFACE xvii  1 A Giant Historic Mistake? 1  Spinelli's Proposition 1  Vindication of the Sceptics? 4  A Politics of Blackmail 7  The Disowned Currency 9  The Overlapping Goals of Monetary Unification 12  A Currency Designed by Economists 15  Misplaced Misgivings 17  Europe's Economic Drift 20  2 Before the Fall 25  A Honeymoon for the Single Currency 25  The Euro and the Genesis of the Crisis 28  One Size Fits None 29  The 'Export Competitiveness' Conundrum 35  The Euro's Lopsided Capital Flows 39  Losing the Printing Press 45  The Euro's Innocence 47  3 Greece and the Idolatry of Debt 48  The Promise of Europe 48  A Country Runs Out of Credit 51  The Difficulty of Putting Your Money Where Your Mouth Is 53  Three Great Morality Plays 55  The Costs of Compromise 59  Economic Tragedy 62  The Alternative That Could Not Be Named 67  An Escape from the Euro? 70  Killing Democracy in Its Cradle 73  Disenfranchisement without Respite 76  4 Ireland: The Private Is Political 80  An Interview Out of the Ordinary 80  One Letter and Six Months 82  Europe's Banking Addiction 85  Too Big to Fail 87  Pulled Down by a Helping Hand 90  Alternatives 93  Quid Pro Quo 98  Lehman Syndrome 101  5 Europe Digs Deeper 106  Doubling Down 106  Austere Solidarity: All Must Tighten 107  The Eurozone's Self-inflicted Second Downturn 110  Letting Zombie Banks Roam 116  Death by Accounting 118  Irreversibility Reversed 122  The Mutualisation Fix 126  The Tyranny of Technocracy 130  Germany's Conditions 133  The Logical Extreme 137  6 Righghting the Course: From Bail-Out to Bail-In 139  Learning from Failure 139  Accepting Default 140  Learning the Irish Lesson 144  Prising Loose a Deadly Embrace 146  Testing the Waters 149  Plunging In 150  Fiscal and Monetary Let-Up 155  Whatever It Takes 157  Lasting Injury 161  7 If Europe Dared to Write Down Debt 165  Renouncing 'There Is No Alternative' 165  A Stroll through Counterfactual History 166  Fail Early, Fail Often 168  Ending the Cult of the Sovereign Signature 173  Sovereign Contagion 177  Restructuring Politics: Dealing with Greece 181  Restructuring Politics: A Less Conflicted Europe 183  8 Europe's Real Economic Chahallenges 189  Three Tasks 189  Making the Eurozone Safe from Sudden Stops 190  Idling Europe's Economic Engine 197  A Pact Long in Need of Reform 204  Encouraging Long-term Growth 208  Unexploited Opportunities 215  9 The Politics Thahat the Euro Needs 217  Cracks in the Consensus? 217  A 'New Deal'? 217  Choosing an Alternative 221  France: The Duumvir that Abdicated 226  Germany: The Reluctance of the Hegemon 228  Insurrections 232  From Restored National Autonomy to Renewed European Integration 239  10 Great Britain or Little England? 243  The Real Choice for Britain in Europe 243  Counterfactual History: Crisis Policy with Britain in the Euro 244  Brown's Five Tests Today 251  Greater Guernsey? 260  The Euro and National Power 265  11 Remembmbering Whahat the Euro Is For 267  What Is at Stake 267  Exonerating the Euro: A Summary of the Argument 268  The Euro and Economic Strength 270  Unity in Diversity 272  NOTES 275  INDEX 307","brand":"Princeton University Press","offers":[{"title":"Default Title","offer_id":49403845968215,"sku":"9780691175942","price":17.09,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780691175942.jpg?v=1730484702","url":"https:\/\/bookcurl.com\/products\/europes-orphan-9780691175942","provider":"Book Curl","version":"1.0","type":"link"}