Includes index.

Online resource; title from PDF title page (ebrary, viewed April 29, 2016).

Cover; Content; Acknowledgements; Chapter I: Introduction to the Eurozone Crisis: Where there's smoke, there's fire; The European Union: A Model for the World?; Understanding the Eurozone Crisis: Layout of Book; Chapter II: European Integration: The Road to the EU and the Euro; The Origins of European Integration; Nationalist versus Federalist Tensions: The Evolution of the European Union (1957-2009); How the EU Works; The EU's Governance Structure; The Euro as a Symbol: Creating the Currency of a(n) EUtopia; The Symbolism of the Euro's Design

Rationale for the Euro: An Economic House of Cards?Evolution of Monetary Union; Conclusions; Chapter III: The Flawed Economic and Political Architecture of the Eurozone; Why Have a Common Currency at All?; The Structure of Europe's Monetary Union -- An Optimal Currency Area?; The EU's Monetary System: The Eurosystem; Banking Instability and Sovereign Risk in the Eurosystem; Why Is There No Political Solution for Economic Integration?; Rodrik's Trilemma; Conclusions: The Effects of Europe's Governmental, Economic,and Sociopolitical Flaws

Chapter IV: Of 'PIIGS' and 'GIPSIs': Pre-Crisis Structural ImbalancesThe Ant and the Grasshopper?: A Narrative of the Eurozone Crisis; The 'Ants': Why Does German Policy Often Seem at Odds with Much of Europe's?; Cultural Differences; National Self-Interest; Economic Ideology; The 'Grasshoppers': Why Have They Fared So Much Worse in the Eurozone?; Hours Worked: Laziness or Poor Productivity?; The Role of Corruption and Effective Governance; EU Compliance: Did 'Good' Europeans Fare Better than 'Bad' Europeans?; Business Friendliness: Did Red Tape Hurt or Help?; A Culture of Credit

Flight of the Bumblebee: Pre-crisis Structural Imbalances and Their Influence in the EurozoneStructural Imbalances: Trade Imbalances, Productivity Levels and their Influence on the Credit Crisis; Private and Public Debt-GDP; Country Specific Structural Imbalances; Greece; Ireland; Portugal; Spain; Italy; Cyprus; Conclusions; Chapter V: Misperception of European Risk, Market Reactions and Policy Response -- A Timeline of the Eurozone Crisis; Introduction; Timeline of the Crisis; October 2009 to July 2011 -- A Period of Denial, Anger, Credit Guarantees, and Bailouts

July to December 2011: A Period of Bargaining and Depression as the Economic Crisis volves into a Political OneDecember 2011 to March 2013: A Period of Acceptance -- Recognizing the Need for Structural Reforms; From Financial Crisis to Political Crisis; A Greek Popular Revolt: The 2015 Referendum; Conclusions; Chapter VI: Counterfactuals, Costs, and Conclusions; Where are We Now? Economic and Political Costs; Economic costs; Public Attitudes Towards the Euro; Austerity versus Stimulus; Political Costs; Public Attitudes Towards the Euro; Public Attitudes During the Eurozone Crisis

Debate among politicians and academics alike vacillates as to whether the euro is the crowning achievement of a half-century of European integration efforts, or now constitutes a force that threatens to drive European Union member states apart. This book introduces both the political and economic forces at play in the eurozone crisis that have shaped this debate and changed the face of European integration.

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