European and Monetary Union continues to be the subject of intense controversy, and the launch of a single currency in January 1999 served to concentrate this debate around one issue: is the Euro in the interests of Europe? This pertinent book attempts to address this contentious question. The authors offer a sustained argument that the single currency as currently implemented does not promise to deliver prolonged growth. They contend that the economic impact of the Euro, and its accompanying institutions, is likely to be destabilizing and deflationary. They also hold that the political impact is profoundly undemocratic and that the social consequences are likely to be deleterious. They do not reject the concept of a single currency but are highly critical of policy arrangements such as the Stability and Growth Pact which govern the Euro. The authors propose alternative policy and institutional arrangements within which the Euro should be embedded. They demonstrate that these would have the benefits of a single currency while avoiding many of the potential costs identified by detractors.

 

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