The Euro and the Battle of Ideas by Brunnermeier, Markus K. -- Read -- Imperial Library of Trantor

Index

1 Introduction

2 Power Shifts Lethargy of European Institutions The First Power Shift: From Brussels to National Capitals The Second Power Shift: To Berlin-Paris and Ultimately to Berlin After the Power Shift 3 Historical Roots of German-French Differences Cultural Differences Federalism versus Centralism Mittelstand versus National Champions Collaborative versus Confrontational Labor Unions Historical Inflation Experiences 4 German-French Differences in Economic Philosophies Fluid Traditions: Switch to Opposites German Economic Tradition French Economic Tradition International Economics

5 Rules, Flexibility, Credibility, and Commitment Time-Inconsistency: Ex Ante versus Ex Post External Commitments: Currency Pegs, Unions, and the Gold Standard Internal Commitments: Reputation and Institutional Design Managing Current versus Avoiding Future Crisis 6 Liability versus Solidarity: No‑Bailout Clause and Fiscal Union The No-Bailout Clause Fiscal Unions Eurobonds Policy Recommendations 7 Solvency versus Liquidity Buildup of Imbalances and the Naked Swimmer Solvency Liquidity Crossing the Rubicon via Default Sovereign-Debt Restructuring and Insolvency Mechanism Fiscal Push: Increasing Scale and Scope of EFSF and ESM Monetary Push Policy Recommendations 8 Austerity versus Stimulus The Fiscal Multiplier Debate The Output Gap versus Unsustainable Booms Debate Politics Connects Structural Reforms and Austerity The European Policy Debate on Austerity versus Stimulus Lessons and Policy Recommendations

9 The Role of the Financial Sector Traditional Banking Modern Banking and Capital Markets Cross-Border Capital Flows and the Interbank Market 10 Financial Crises: Mechanisms and Management Financial Crisis Mechanisms Crisis Management: Monetary Policy Crisis Management: Fiscal Policy and Regulatory Measures Ex Ante Policy: Preventing a Crisis 11 Banking Union, European Safe Bonds, and Exit Risk Banking in a Currency Union Safe Assets: Flight-to-Safety Cross‑Border Capital Flows Redenomination and Exit Risks Policy Recommendations

Part IV Others’ Perspectives

12 Italy Battling Economic Philosophies within Italy Mezzogiorno: Convergence or Divergence within a Transfer Union Italy’s Economic Challenges Politics and Decline 13 Anglo-American Economics and Global Perspectives Diverging Traditions The United States: The Politics of Looking for Recovery The United Kingdom: Brexit and the Politics of Thinking Outside Europe China and Russia Conclusion 14 The International Monetary Fund (IMF) The IMF’s Philosophy and Crisis Management The IMF’s Initial Involvement in the Euro Crisis The IMF and the Troika A Change in the IMF’s Leadership Loss of Credibility: Muddling Through, Delayed Greek PSI 15 European Central Bank (ECB) The ECB before the Crisis: Institutional Design and Philosophy The ECB’s Early Successes and Defeats The ECB and Conditionality Lending and Asset Purchase Programs Single Supervisory Mechanism (SSM) for European Banks Taking Stock: Where Does the ECB Stand? 16 Conclusion: Black and White or Twenty‑Eight Shades of Gray? Acknowledgments Index

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