From Oxford University Press:
- The only textbook that discusses both the costs and benefits of monetary unions and the actual workings of the most important monetary union in the world, the eurozone.
- Provides a strong analytical framework, giving students a solid basis for examining monetary union.
- The text is updated every two years to ensure that the content is up to date in such a fast moving market.
New to this edition
- Fully updated and revised coverage of the financial crisis, including how this has affected the appeal of monetary union and forced institutional change within the Eurozone.
- Increased focus on the government debt crisis and how this is linked to private debt accumulation in the Eurozone.
- Increased discussion of the fragility of incomplete monetary unions.
- Expanded coverage of various key issues including enlargement, institutional change within the ECB along with a discussion of the newly established Risk Board, and the new regulatory framework of financial institutions in the European Union.
- Substantially updated chapter on 'Monetary Policy in Euroland' with increased discussion of the role of the ECB as a "Lender of Last Resort", the use of additional instruments to control bank credit in the Eurozone and the responsibility of the ECB in stabilizing the external value of the Euro.
- Discussion of the new governance of the Eurozone that is needed to make the union sustainable in the long run.
The ninth edition of Economics of Monetary Union provides a concise analysis of the theories and policies relating to monetary union. The author analyses both the costs and benefits associated with having one currency, as well as the practical workings and current issues with the Euro.
In Part One the author examines the implications of adopting a common currency; assessing the countries benefit from being in the Eurozone members, while also questioning whether other parts of the world would gain from monetary unification. Part Two of the book looks at the problems of running a monetary union by analysing Europe's experience and the issues faced by the European Central Bank.
Paul De Grauwe, Professor of International Economics at the University of Leuven, Belgium
"Economics of Monetary Union" from Amazon.com