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The Euro


  • Philip Arestis
  • Andrew Brown
  • Malcolm Sawyer


The authors offer a sustained argument that the single currency as currently implemented does not promise to deliver prolonged growth. They contend that the economic impact of the euro, and its accompanying institutions, is likely to be destabilising and deflationary; that the political impact is profoundly undemocratic and that the social consequences are likely to be deleterious. They do not reject the concept of a single currency but are highly critical of policy arrangements such as the Stability and Growth Pact which govern the euro. The authors propose alternative policy and institutional arrangements within which the euro should be embedded. They demonstrate that these would have the benefits of a single currency whilst avoiding many of the potential costs identified by detractors.

Suggested Citation

  • Philip Arestis & Andrew Brown & Malcolm Sawyer, 2001. "The Euro," Books, Edward Elgar Publishing, number 2294.
  • Handle: RePEc:elg:eebook:2294

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    References listed on IDEAS

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    Cited by:

    1. Lünnemann, Patrick & Mathä, Thomas Y., 2001. "Monetary transmission: empirical evidence from Luxembourg firm level data," Working Paper Series 0111, European Central Bank.
    2. Atallah, Samer, 2010. "Economic Foundation of Dictatorship in Resource Exporting Economies," MPRA Paper 27318, University Library of Munich, Germany.
    3. Fernando, Deepthi & Klapper, Leora & Sulla, Victor & Vittas, Dimitri, 2003. "The global growth of mutual funds," Policy Research Working Paper Series 3055, The World Bank.
    4. Franklin Allen & Elena Carletti & Robert Cull & Jun Qian & Lemma Senbet & Patricio Valenzuela, 2014. "Resolving the African Financial Development Gap: Cross-Country Comparisons and a Within-Country Study of Kenya," NBER Chapters,in: African Successes, Volume III: Modernization and Development, pages 13-62 National Bureau of Economic Research, Inc.
    5. Fecht, Falko & Nyborg, Kjell G. & Rocholl, Jörg, 2008. "The price of liquidity: bank characteristics and market conditions," Discussion Paper Series 1: Economic Studies 2008,30, Deutsche Bundesbank.
    6. De Jonghe, Olivier & Vennet, Rudi Vander, 2008. "Competition versus efficiency: What drives franchise values in European banking?," Journal of Banking & Finance, Elsevier, vol. 32(9), pages 1820-1835, September.
    7. Andres Vikat & Zsolt Spéder & Gijs Beets & Francesco Billari & Christoph Bühler & Aline Désesquelles & Tineke Fokkema & Jan M. Hoem & Alphonse MacDonald & Gerda Neyer & Ariane Pailhé & Antonella Pinne, 2007. "Generations and Gender Survey (GGS)," Demographic Research, Max Planck Institute for Demographic Research, Rostock, Germany, vol. 17(14), pages 389-440, November.
    8. Simeon Djankov & Jose Montalvo & Marta Reynal-Querol, 2008. "The curse of aid," Journal of Economic Growth, Springer, vol. 13(3), pages 169-194, September.
    9. Franklin Allen & Laura Bartiloro & Oskar Kowalewski, 2006. "The Financial System of the EU-25," Chapters,in: Financial Development, Integration and Stability, chapter 7 Edward Elgar Publishing.
    10. Marcello M. Estevão, 2003. "Do Active Labor Market Policies Increase Employment?," IMF Working Papers 03/234, International Monetary Fund.
    11. Paul Collier & Benedikt Goderis, 2007. "Commodity Prices, Growth, and the Natural Resource Curse: Reconciling a Conundrum," CSAE Working Paper Series 2007-15, Centre for the Study of African Economies, University of Oxford.
    12. Franklin Allen & James McAndrews & Philip Strahan, 2002. "E-Finance: An Introduction," Journal of Financial Services Research, Springer;Western Finance Association, vol. 22(1), pages 5-27, August.
    13. Jonathan D. Cohen, 2005. "The Vulcanization of the Human Brain: A Neural Perspective on Interactions Between Cognition and Emotion," Journal of Economic Perspectives, American Economic Association, vol. 19(4), pages 3-24, Fall.
    14. Anne D. Boschini & Jan Pettersson & Jesper Roine, 2007. "Resource Curse or Not: A Question of Appropriability," Scandinavian Journal of Economics, Wiley Blackwell, vol. 109(3), pages 593-617, September.
    15. Kenning, Peter & Mohr, Peter & Erk, Susanne & Walter, Henrik & Plassmann, Hilke, 2006. "The role of fear in home-biased decision making: first insights from neuroeconomics," MPRA Paper 1076, University Library of Munich, Germany, revised 18 Nov 2006.
    16. Anthony N. Rezitis, 2006. "Productivity growth in the Greek banking industry: A non-parametric approach," Journal of Applied Economics, Universidad del CEMA, vol. 9, pages 119-138, May.
    17. Philip Arestis & Malcolm Sawyer, "undated". "Reforming the Euro's Institutional Framework," Economics Policy Note Archive 03-2, Levy Economics Institute.
    18. L. Klee & Isabelle Chambost, 2009. "La Regulation Comptable Europeenne : De L'Articulation De L'Expertise Et Du Politique," Post-Print halshs-00459756, HAL.
    19. Alessio De Vincenzo & Claudio Doria & Carmelo Salleo, 2006. "Efficiency vs. agency motivations for bank takeovers: some empirical evidence," Temi di discussione (Economic working papers) 587, Bank of Italy, Economic Research and International Relations Area.

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