The Fall of the Euro: Reinventing the Eurozone and the Future of Global Investing, 1st Edition

Preface ix
Acknowledgments xiii
Introduction xv
PART I The Euro: The Early Years 1

Chapter 1 The Premature Celebration 3
Chapter 2 The Birth of the Euro:A Grand Political Bargain 13
Chapter 3 The Euro’s Honeymoon Years 33
Chapter 4 The Euro Crisis:Waves of Escalating Tension 49

PART II European Integration: The Difficult Path 73

Chapter 5 The Big Choice:More or Less Integration? 75
Chapter 6 The Revenge of Realpolitik:Europe’s Dilemma 83
Chapter 7 An Involuntary Gold Standard:The Economics of Infl exibility 99
Chapter 8 Where’s the Growth?:The Cost of Deflation 109
Chapter 9 Europe’s Political Fragility:The Seeds of the Next Crisis 123

PART III The Mechanics and Implications of Breakup 141

Chapter 10 When a Currency Splinters 143
Chapter 11 The Devil’s Guide to a Eurozone Breakup 153
Chapter 12 What’s the Worst-Case Scenario? 163
Chapter 13 Who Should Stay and Who Should Go?:The Economics of Exit 175

PART IV The Future Euro: Investment Implications 191

Chapter 14 Europe at the Center:Europe’s Effect on Global Financial Markets 193
Chapter 15 A Road Map for the Future Euro 203

Afterword 221
Data Appendix:The Breakdown of Eurozone Debts 227
Bibliography 229
Notes 235
Index 249