Journals Higher Education



Published: 26 July 2012

312 Pages

9.7 x 7.4 inches

ISBN: 9780199605576

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Bookseller Code (06)

Economics of Monetary Union

Ninth Edition

Paul De Grauwe

  • 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.
  • Expanded coverage of the financial crisis and how this has affected the attractiveness of monetary union and the need for institutional change in the eurozone
  • Greater discussion of risk and uncertainty in a monetary union
  • More detailed coverage of the issues of enlargement
  • Inclusion of European Financial Stability Facility (EFSF) as part of the process towards greater political union and a discussion of the ways convergence in competitiveness can be made possible
  • Greater discussion of the link between financial and exchange rate stability
  • Discussion of the application of the convergence criteria to the new member states with case studies on Lithuania and Slovakia
  • Greater discussion of how the financial crisis forces institutional change on the ECB along with discussion of the newly established Risk Board
  • Substantially updated Chapter 9 'Monetary Policy in Euroland' with discussion of the risks associated in direct bond purchases of the ECB; the use of additional instruments to control bank credit in the Eurozone, the need to complement inflation targeting with a more precise definition of the object of financial stability; the responsibility of the ECB in stabilizing the external value of the euro
  • Increased focus on the government debt crisis, and how it is linked to the private debt accumulation in the Eurozone. Includes discussion of proposals to strengthen the stability pact and, more generally, economic governance in the eurozone
  • Coverage of the recent changes in regulation and supervision of the banking system

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