Euroland and the World Economy

J RG BIBOW is Assistant Professor of Economics at Skidmore College, New York, USA. He holds a PhD in Economics from the University of Cambridge, UK. Previously he held lecturing positions at the University of Cambridge, Hamburg University, and at Franklin College Switzerland. He is a Research Associate at the Levy Economics Institute, New York. He is the author of numerous articles and co-authored volumes published in Europe and the US on European integration, central banking, financial systems, and the history of economic thought. ANDREA TERZI is Professor of Economics, Franklin Colleg

'This volume is a welcome and timely incursion into the world of euro-think that tends to praise anything even remotely connected to the European project.' - Business and Finance Ireland

• Introduction; J.Bibow & A.Terzi PART I: EUROLAND ON A COLLISION COURSE Global imbalances, Bretton Woods II, and Euroland's Role in All This; J.Bibow Wage Divergences in Euroland: Explosive in the Making; H.Flassbeck Can the Euro Area Play a Stabilizing Role in Balancing Global Imbalances?; P.Arestis & M.Sawyer PART II: POLICY COORDINATION AND INCREASED INTEGRATION AS MEANS TO PROPERLY STEER EUROLAND Whatever Happened to 'Policy Coordination'?; J.Forder The Economic Rationale of the EMU and the Euro; C.Sardoni Righting Global Imbalances: Recession, Protection or Reflation?; A.Izurieta & G.Irvin PART III: REFORMING EUROLAND'S INSTITUTIONAL FRAMEWORK AND MACROECONOMIC POLICY GOVERNANCE Replacing the Stability and Growth Pact?; C.Goodhart Fiscal Policy and Macroeconomic Performance in the Euro Area: Lessons for the Future; E.Hein & A.Truger Germany's Choice and Lessons from Japan: Supply vs. Demand Policy, Fiscal vs. Monetary Policy; R.Werner You Can't Always Get What you Want: Why Europe is not Keynesian-able while the US New Economy is Driven by Financial Keynesianism; R.Bellofiore & J.Halevi PART IV: PROSPECTS AND LIMITS OF THE EURO AS A GLOBAL CURRENCY 'Not My Fault' or Would Spreading the Maastricht Wisdom beyond Europe Really Do Much Good At All?; J.Creel & F.Capoen The Role of the Euro in the International Monetary Arena: Present and Prospects; S.Rossi International Payments Imbalances and the Prospective Role of the Euro; A.Terzi