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The Euro and the Battle of Ideas, by Markus K. Brunnermeier, Harold James, Jean-Pierre Landau
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Why is Europe's great monetary endeavor, the Euro, in trouble? A string of economic difficulties in Greece, Ireland, Spain, Italy, and other Eurozone nations has left observers wondering whether the currency union can survive. In this book, Markus Brunnermeier, Harold James, and Jean-Pierre Landau argue that the core problem with the Euro lies in the philosophical differences between the founding countries of the Eurozone, particularly Germany and France. But the authors also show how these seemingly incompatible differences can be reconciled to ensure Europe's survival.
As the authors demonstrate, Germany, a federal state with strong regional governments, saw the Maastricht Treaty, the framework for the Euro, as a set of rules. France, on the other hand, with a more centralized system of government, saw the framework as flexible, to be overseen by governments. The authors discuss how the troubles faced by the Euro have led its member states to focus on national, as opposed to collective, responses, a reaction explained by the resurgence of the battle of economic ideas: rules vs. discretion, liability vs. solidarity, solvency vs. liquidity, austerity vs. stimulus.
Weaving together economic analysis and historical reflection, The Euro and the Battle of Ideas provides a forensic investigation and a road map for Europe's future.
- Sales Rank: #121913 in Books
- Published on: 2016-08-30
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x 1.30" w x 6.00" l, .0 pounds
- Binding: Hardcover
- 448 pages
Review
"If we turn to The Euro and the Battle of Ideas by Markus K. Brunnermeier, Harold James, and Jean-Pierre Landau, we start to find an explanation. The three authors are, respectively, a German academic economist, an English economic historian, and a French banker turned economics professor, and their book is an attempt to explain the euro's ideological and historic background. They explore the dichotomy between French and German political-economic philosophies. The first values flexibility and solidarity and state intervention; the second stresses rules and consequences and free markets."--John Lanchester, New Yorker
"A book of depth and subtlety that is helpful in understanding matters well outside the questions it seems to address. . . . This is a fascinating and informative book."--Geoffrey Wood, Central Banking Journal
"[The authors] have the advantage of being deeply involved. . . . If Europe is high on your list of concerns, you should read this book; European leaders will."--David Warsh, Economic Principals
"[The Euro and the Battle of Ideas] demonstrates the value of sophisticated syntheses of policy analysis and intellectual history."--Foreign Affairs
From the Back Cover
"The advent of the Euro is a singular event in monetary history. This is the best and most important book so far on an experiment with profound economic and geopolitical implications."--Lawrence H. Summers, former Secretary of the U.S.Treasury
"I very much appreciate this book's efforts to explain the highly diverse approaches to economic and fiscal policy in Europe and to shape them into a common strategy. If this could succeed in reality in today's Europe, much would be gained indeed."--Wolfgang Schäuble, Finance Minister of Germany
"International divergences in economic policy are as much the result of differences in intellectual frameworks as of variation in economic circumstances. This valuable book explains the critical differences in national economic philosophies and how they have conditioned policy choices over the past decade."--Ben S. Bernanke, former Chairman of the U.S. Federal Reserve
"Europeans have lost their sense of direction. Most demand increased sovereignty without considering what it takes to live under the same roof. Another cause of disaffection is that interests have diverged so much that we are no longer behind the veil of ignorance. This book offers a complementary, brand-new, third angle on the crisis of European institutions: cultural differences between France and Germany that developed following World War II. Nations interpret their interests through the lens of their worldview. This exciting historical, sociological, and psychological fresco, which also covers the visions of other countries and multilateral organizations, is a must-read for all who want to understand where Europe is heading--and how worldviews can get in the way of international cooperation."--Jean Tirole, Nobel Laureate in Economics
"This rich and articulate work is an important addition to the existing books about the Eurozone crisis. The authors identify the core intellectual and political differences framing the debate regarding the institutional developments required for Eurozone survival."--Giancarlo Corsetti, University of Cambridge
About the Author
Markus K. Brunnermeier is the Edwards S. Sanford Professor of Economics at Princeton University and Director of Princeton's Bendheim Center of Finance. He has written extensively on financial crises and monetary policy. Harold James is professor of history and international affairs and the Claude and Lore Kelly Professor of European Studies at Princeton University. His books include Making the European Monetary Union and Europe Reborn. Jean-Pierre Landau is former deputy governor of the Banque de France and executive director of the International Monetary Fund and the World Bank. He is associate professor of economics at Sciences Po in Paris.
Most helpful customer reviews
1 of 1 people found the following review helpful.
An impressive accomplishmeent.
By erkki
An impressive accomplishment. A journey to the history of German and French visions and how the Economic and Monetary Union was built up. A careful analysis of the European Banking Union and its pillars. Three writers with different backgrounds make it rich. An enjoyable read.
7 of 8 people found the following review helpful.
The Source
By Athan
I’ve read books about the Euro crisis by Soros, Pisani-Ferry, Sandbu, Galbraith Jr., Stiglitz, Papaconstantinou and others. I’ve read many more that dedicate at least a chapter to it, from heavyweight authors like Alan Blinder and Mervyn King and from lightweights too.
I’ve also read more specific books, for example about the Greek crisis. Among those I really enjoyed Paleologos’ effort; Manolopoulos quotes me, even!
“The Euro and the Battle of Ideas” is not my favorite (that would have to be Martin Sandbu’s “Europe’s Orphan”) but it is very comfortably the best. Nothing comes close, actually.
It is what I’d call a “second year course” in understanding the EUR. So, you know, if you’ve gotten your optimal currency area stuff down, if you understand the austerity debate, if you’ve read one of the narratives (I enjoyed Papaconstantinou’s) and you want more, you’ve come to the right place. In fact, you do not need to have been introduced to the topic. It really is all here. Everything.
Also, because this book has enjoyed the full access to and support from the establishment (read the “Acknowledgements” and you’ll see what I mean), there’s tons of stuff that’s not said directly here, but is very clearly written between the lines. You read it, you absorb it, you go to bed, you wake up in the morning and you’re like “aha, that’s what that means.”
Finally, while the authors have a very strong bias (they all want Europe to work) they have strained every sinew to leave it out of the book and have made an extremely deliberate effort to present every single issue from both angles. Then they let go in the short conclusion, which consists of their (rambling and hopeful) suggestion that we need to get together and fix all the problems at the same time, in violation of the “one crisis at a time” process that they describe in the first section of the book.
To get things going, a good hundred pages are first dedicated to the historical, micro-economic and macro-economic background of the Franco-German relationship that lies at the center of the project and the solution that was devised post-war to keep the two together: the “Monnet process” whereby we move forward and let the project become the sum of the solutions that are necessary to resolve the inevitable crises.
Next comes an introduction to a more recent process: that of collective decision making giving way mid-crisis to decision making at the national level, giving way to the French and the Germans deciding everything amongst them upfront and ultimately leading to Germany deciding everything.
“That’s nice,” I thought to myself, “but it’s descriptive, what did I learn here?” The answer is evident, but the authors cannot put it in print: there cannot be an equal union between big powerful countries and small countries. It is a quid pro quo. The small countries are the ones who enjoy the more secure borders and the better terms of trade that come from associating with the big ones. But when the you-know-what hits the fan, it’s the big guys who call the shots. Period. Unless you move to the United States of Europe (which ain’t happening) that’s the deal and if you don’t like it, “there’s the door.” In times of trouble, the Commission’s job is to discuss fisheries. E basta.
Next, the authors examine the two major intellectual axes on which the Euro-crisis is being analyzed:
1. Solvency versus Liquidity
2. Austerity versus Stimulus
I totally LOVED this part of the book. It is thorough and balanced. Three authors involved, whoever wrote those two chapters is the best of the three.
Next comes a list, a bloody amazing and thorough list, of the technical problems with the specifics of the setup. You can be an expert on solvency versus liquidity, you can think you have a strong view on austerity versus stimulus, but who cares if you don’t know what the problems are you will apply your principles to. Luckily it’s all here and it’s explained well:
1. France and Germany disagree about monetization. The Germans thought they got their way when they stuck in the Maastricht treaty and the subsequent agreements the Stability and Growth Pact and the sundry prohibitions against monetary financing. Except the French let the Basel treaty do all the work for them, when it gave zero weight to government debt. When all banks were left holding peripheral debt, the Germans found themselves confronted with a fait accompli.
2. Banks were encouraged to lend cross-border, but there was no EU-wide scheme to support savers’ deposits, no cross-EU liquidation process (with banks international in their life but local in death) and no cross-EU supervision either, the latter at the insistence of the Germans, who (i) were afraid the ECB would be morally obliged to save banks it had failed to properly supervise and (ii) did not want anybody outside Germany to supervise the Landesbanken.
3. Free movement of labor is not supported by the remaining institutions that go hand-in-hand with having a labor force. Retirement schemes are national, unemployment insurance is national, labor contract law is extremely different from one nation to another. This not only causes massive issues with “automatic stabilizers” when recession hits (in sharp contrast with the US, for example, where the Federal government picks up the bill on the 13 weeks of unemployment insurance if recession hits in West Virginia), it also causes a one-way flow of labor to where the setup is best.
4. Free movement of capital, similarly, directs investment to the lowest-tax states, creating the problems we regularly read about in the newspaper.
5. Some countries have a totally antiquated microeconomic setup which makes it impossible for them to compete with the more modern economies. The authors make an amazingly diplomatic attempt to present the Italian problem as an Italian “perspective” and list Italy alongside the IMF and the ECB and the Anglosaxons as one of the “other perspectives” but I, for one, was not fooled. I knew exactly where they were going with this. Also, I’ve been trading Italy since 1993 (indeed, my career is 100% based on a trading decision I was forced into in 1995 to buy a billion dollars worth of CcT bonds swapped into USD), I’ve read extensively about Italy and I’ve even written about it and I can say the book is worth buying for the Italy chapter alone. Structural reforms, baby!
Finally, the book gives you the full, definitive narrative of the crisis, day-by-day. Not only what happened, but a full list of the possible motivations for all the actors. Example: I’m reading about the LTRO’s at the beginning of 2012 and the authors are giving a tremendous analysis of how it was two birds with one stone because it was a way for the (peripheral) banks to get paid to support their own governments’ debt and I’m thinking “sure, but you’re leaving out the biggie!” Except then I realize there’s a further chapter on how they all had debt maturing in 2012 (that had been issued mid-crisis with short-term maturities) and how the LTRO gave them three years to refund it. So this is a very thorough narrative indeed. They walk you step-by-step through all of the ECB’s actions, all the way from that day that they stunned us with the 100 billion when subprime hit all the way to the most recent fun that’s been had with ELA and QE.
So how come this is not my favorite book on the Euro?
The answer would be that there is no passion here. It’s more of an “owner’s manual.” Not one bad word is said about anybody, there’s nothing that could have been done better, nobody ever made any mistakes. Trichet was right to oppose a Greek restructuring, Draghi was a hero when he bet Merkel would bend, even Merkozy did not really do much wrong in Deauville if you read the book literally. And both the French and the Germans are right about everything.
So it’s not a book you can love.
But if you want to talk Euro with me and you have not read it, I’m afraid I can’t waste my time. Read it first and then we can talk. It is now The Source.
0 of 0 people found the following review helpful.
Waste of time
By Ally Miller
I have read a lot of books about the Euro. This one is one of the worst. Written by three people it doesn't really add any value. As a finance person I see no novelty and no contribution really in this book. It's mostly a patchwork of historical ideas. Too much has been said and thought on the topic, but very few of something one can use. Seems like a lot of economists want to jump on the train and say something too. There should be more fundamental research, more structure, and analysis of real facts, numbers and data instead of never-ending discussions about ideas.
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