In this concise and comprehensive introduction to Europe's currency, Levin explains both the historical and political background as well as the economic underpinnings of monetary integration in contemporary Europe.
1. IntroductionThe New Monetary Arrangements in EuropeThe European UnionFour Key Governing Bodies in the European UnionImportant Treaties and Amendments2. The History of European Monetary UnificationThe European Economic CommunityThe Werner PlanThe SnakeThe European Monetary SystemThe Maastricht Treaty and the European UnionThe Launch of the Euro3. The Euro and the European Central BankWhat Exactly Is the Euro?What Is the Value of the Euro?The European Central BankThe EurogroupWim Duisenberg4. The Economic Benefits and Costs of the EuroThe Economic Benefits and Costs of Joining the EurozoneWhat Is an Optimum Currency Area?Is the Eurozone an Optimum Currency Area?The Stability and Growth Pact5. Special Problems of the Euro AreaOne Size Fits All" Monetary PolicyBank SupervisionVoting on the European Central Bank's Governing CouncilLabor Market ReformsThe Depreciation of the EuroWill Other Countries in the European Union Join the Eurozone?Will Other Countries Join the European Union?The Euro as an International CurrencyCould the Eurozone Collapse?6. Concluding RemarksReferences"