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The Future of the Euro$
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Matthias Matthijs and Mark Blyth

Print publication date: 2015

Print ISBN-13: 9780190233235

Published to Oxford Scholarship Online: March 2015

DOI: 10.1093/acprof:oso/9780190233235.001.0001

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Introduction

Introduction

The Future of the Euro and the Politics of Embedded Currency Areas

Chapter:
(p.1) 1 Introduction
Source:
The Future of the Euro
Author(s):

Matthias Matthijs

Mark Blyth

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780190233235.003.0001

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.

Keywords:   euro, sovereign debt, political foundations of markets, economics, euro crisis, financial crisis, United States

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