The euro: the politics of the new global currency

Abstract

First published in March 2009 to widespread acclaim, this is the first comprehensive political and economic account of the birth and development of the Euro. Today the Euro is the supranational currency for fifteen European countries and the world's second largest reserve currency. David Marsh tells the story of the rivalries, intrigues, and deal-making that brought about a currency for Europe, and he analyzes the achievements and shortcomings of its first decade of existence. While the Euro represents a remarkable triumph of political will, great pressures are building on the single currency. Drawing on more than 100 interviews with leading figures associated with the Euro, and scores of secret documents from international archives, Marsh underscores the Euro's importance for the global economy, in particular for the U.S. and British economic and political agendas. Hidden facts and fresh insights from The Euro include: how the legacy of France and Germany's tortuous relations affects it; why the UK is unlikely to accept the Euro before 2025; the impact on the Euro of the US credit crisis; how the Euro has rebounded against the aspirations of its founders; how Italy and Spain have massively lost competitiveness; and, why radical changes must be adopted to prevent a European upheaval.