Europes Orphan

Originally conceived as part of a unifying vision for Europe, the euro is now viewed as a millstone around the neck of a continent crippled by vast debts, sluggish economies, and growing populist dissent. In Europes Orphan, leading economic commentator Martin Sandbu presents a compelling defense of the euro. He argues that rather than blaming the euro for the political and economic failures in Europe since the global financial crisis, the responsibility lies firmly on the authorities of the eurozone and its member countries. The eurozone's self-inflicted financial calamities and economic decline resulted from a toxic cocktail of unforced policy errors by bankers, politicians, and bureaucrats; the unhealthy coziness between finance and governments; and, above all, an extreme unwillingness to restructure debt. Contending that the euro has been wrongfully scapegoated for the eurozones troubles, Europes Orphan charts what actually must be done for the continent to achieve an economicand political recovery. This edition contains a new preface addressing the economic and political implications of the Brexit, as well as updated text throughout. Europes Orphan charts what actually must be done for the continent to achieve a full recovery.