The price of the euro

Abstract:

A Swedish edition of this book was published shortly before the referendum in September 2003 when the euro was rejected by a majority of Swedish voters. It presents outspoken arguments against the common currency.

The work is comprised of contributions by leading economists from Scandinavia, The Netherlands, Germany and the UK. The editor opens with an introduction on the broader aspects of the euro argument - politics or economics; measurable costs; euro benefits and euro costs. Chapter two looks at issues arising from borders and the constraints they present to free trade. Chapter three examines the interrelation of the euro with the Stability Pact. Chapter four reviews the progress of the euro during its first five years. The difficulties arising from the European Central Bank’s control of eurozone interest rates and the decline of European democracy are covered in chapter five. A critical analysis of European Monetary Union (EMU) and Sweden’s rejection of it are explored in chapter six. A similar analysis of the UK and its approach to the euro is given in chapter seven. Exchange rate economics and lessons to be learned from monetary regimes in the twentieth century are discussed in chapter eight. The final chapter explores European integration theory and offers an interpretation of the political motives behind EMU.

The work will interest scholars, students, economists, policy makers and researchers engaged in European integration, European economics and exchange rate economics.

Jonas Ljungberg is Associate Professor in Economic History at Lund University, Sweden.