The Political Economy of the Eurozone

The Eurozone is not a mere currency area. It is also a unique polity whose actors span multiple levels (supranational, national, regional, sectoral) and pursue overlapping economic and political objectives. Current thinking on the Eurozone relies on received categories that struggle to capture these constitutive features. This book addresses this analytical deficit by proposing a new approach to the political economy of the Eurozone, which captures economic and political interdependencies across different levels of decision making and sheds light on largely unexplored problems. The book explores the opportunities afforded by the structure of the Eurozone, and lays the foundations of a political economy that poses new questions and requires new answers. It provides categories that are firmly grounded in the existing configuration of the Eurozone, but are a precondition for overcoming the status quo in analysis and policy.

1. The Eurozone as a political economy field Ivano Cardinale, D'Maris Coffman and Roberto Scazzieri; Part I. Comparative Historical and Institutional Perspectives: 2. Fiscal states and sovereign debt markets: a new paradigm for apprehending historical structural change D'Maris Coffman; 3. From sovereign nations to federal states. Creating stable systems of public finance in America and Germany: lessons for the Eurozone James Macdonald; 4. An historical perspective on the European crisis: the Latin Monetary Union Luca Einaudi; 5. Conditionality, fiscal rules and international financial control in the European periphery before 1914 Ali Coskun Tunçer; 6. Snakes and ladders: navigating European monetary union Duncan Needham; Part II. Multi-Level Interdependencies: 7. Liquidity architectures and production arrangements: a conceptual scheme Roberto Scazzieri; 8. Political economy and the constitution of Europe's polity: pathways for the common currency beyond neo-functional and ordo-liberal models Adrian Pabst; 9. Sectoral interests and 'systemic interest': towards a structural political economy of the Eurozone Ivano Cardinale; Part III. Political Economy of Structural Governance: 10. The German growth model, transnationalization and European imbalances Finn Marten Körner and Hans-Michael Trautwein; 11. Exploring sectoral conflicts of interests in the Eurozone: a structural political economy approach Ivano Cardinale and Michael Landesmann; 12. The impact of economic crisis on Eurozone manufacturing Marco Fortis; 13. Fiscal systems and fiscal union: historical variety and policy challenges D'Maris Coffman and Ali Kabiri; 14. China's investment in the Eurozone: a policy view Yuning Gao; 15. Eurobonds for EMU stability and structural growth Alberto Quadrio Curzio; 16. How false beliefs about exchange rate regimes threaten global growth and the existence of the Eurozone William White; Part IV. Framing the Eurozone: 17. Framing the Eurozone: heuristics for analysis and policy Ivano Cardinale, D'Maris Coffman and Roberto Scazzieri.

Ivano Cardinale is Lecturer in Economics at Goldsmiths, University of London and Visiting Fellow of Clare Hall, Cambridge. At Goldsmiths, he teaches macroeconomics and methods of economic analysis. He also teaches history of economic thought in the Faculties of Economics and History of the University of Cambridge.
D'Maris Coffman is Senior Lecturer in Economics, The Bartlett School, University College London, and Honorary Fellow of the Cambridge Endowment for Research in Finance at Judge Business School, Cambridge. She is a Managing Editor (along with Professor Scazzieri) of Structural Change and Economic Dynamics, an Associate Editor of Economia Politica: Journal of Analytical and Institutional Economics, and Senior Editor of Palgrave Studies in the History of Finance.
Roberto Scazzieri is Professor of Economic Analysis at Università degli Studi, Bologna, Italy, and Fellow of the National Lincei Academy, Rome. He is also Senior Member of Gonville and Caius College, Cambridge and Life Member of Clare Hall, Cambridge. His intellectual biography has been included in volume I of The Makers of Modern Economics (edited by A. Heertje, 1993), together with the biographies of Partha Dasgupta, Takashi Negishi, Ariel Rubinstein, Richard Selten and Joseph Stiglitz.