Overview

First published in March 2009 to widespread acclaim, this is the first comprehensive political and economic account of the birth and development of the Euro. Today the Euro is the supranational currency for fifteen European countries and the world's second largest reserve currency. David Marsh tells the story of the rivalries, intrigues, and deal-making that brought about a currency for Europe, and he analyzes the achievements and shortcomings of its first decade of existence. While the Euro represents a remarkable triumph of political will, great pressures are building on the single currency. Drawing on more than 100 interviews with leading figures associated with the Euro, and scores of secret documents from international archives, Marsh underscores the Euro's importance for the global economy, in particular for the U.S. and British economic and political agendas. Hidden facts and fresh insights from The Euro include: how the legacy of France and Germany's tortuous relations affects it; why the UK is unlikely to accept the Euro before 2025; the impact on the Euro of the US credit crisis; how the Euro has rebounded against the aspirations of its founders; how Italy and Spain have massively lost competitiveness; and, why radical changes must be adopted to prevent a European upheaval.

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9780300164008

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Reviews

'a compelling political story' Ralph Atkins, Financial Times 'An amazingly detailed and thoroughly readable account of the long march to the Euro. This is the stuff of a political thriller: the deal-making behind a currency constructed not just as a financial instrument but also as a way of overcoming centuries of conflict. Anyone interested in European politics and economics, as well as Europe's place in the wider world, would enjoy it.' George Soros 'An excellent new book.' David Smith, Sunday Times 'Marsh has achieved the seemingly impossible feat of making what the Brits tend to regard as a boring topic, best avoided, into a great story. What is more, it manages to be balanced, examining all the topical, as well as historical, issues.' William Keegan, The Observer 'There are not many economists in Marsh's generation who have been present at so many of the vital moments or who can call on such an impressive roster of interviewees as background research. He is especially good on the way that the two great European projects of our time - economic and political union - have counteracted each other.' Philip Collins, The Times ...gripping... Mr. Marsh's book has extra value because it draws on hundreds of interviews with the bigwigs involved in setting up the Euro... The result is an indispensable guide to monetary union.' Economist

Author Information

David Marsh is chairman of London & Oxford Capital Markets, an investment bank. He is a frequent contributor to German and British publications, and he lectures widely on political, economic, and business issues. He lives in London.

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