The Future of the Euro and the Politics of Embedded Currency Areas
This chapter lays out the overall framework of the book and sums up its main arguments. The chapter argues that while the Eurozone crisis was in many ways a direct consequence of the US 2007–2008 financial crisis, what quickly became known as the European “sovereign debt” crisis was nonetheless a long time in the making. The chapter critiques and problematizes a purely economic understanding of the euro crisis, emphasizing instead the political foundations of markets. The chapter proposes that to achieve a better understanding of the euro, one should begin by looking at the “minimal” conditions required to make a multistate currency union work. Only then should one ask whether Europe has those conditions in place or is likely to construct them anytime soon.
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