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In Defense of the Euro: Austrian School Approach (Critics of ECB Errors and Brussel’s Interventionism)

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  • J. Huerta de Soto.

Abstract

The mechanism of euro functioning is analyzed in the article from the standpoint of limiting the autonomy of monetary authorities of the European monetary union members, which precludes them from manipulating national currency for the short sighted political interests and postponing painful structural reforms under crises aimed at liberalizing the economy. In some aspects euro excels the classical gold standard, which fell under monetary nationalism attack in the 1930s. Motives and arguments of critics and adversaries are analyzed and the reasons for euro defense are exposed. Real economic and social problems of Europe and ECB errors are described.

Suggested Citation

  • J. Huerta de Soto., 2012. "In Defense of the Euro: Austrian School Approach (Critics of ECB Errors and Brussel’s Interventionism)," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 11.
  • Handle: RePEc:nos:voprec:2012-11-5
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    More about this item

    Keywords

    exchange rates; euro; monetary nationalism; gold standard; Austrian School.;

    JEL classification:

    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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