Год выпуска: 2012 Автор: Brendan Brown Издательство: Страниц: 224 ISBN: 0230319238
Описание
Euro Crash turns the conventional diagnosis of the failure of the European Monetary Union on its head. It argues that the main problem was not sub-optimal currency areas nor profligate government spending but fatal flaws in monetary design and an appalling series of policy mistakes by the European Central Bank (ECB). Brendan Brown shows how the inflation-targeting regime established by the ECB right at the start, coupled with the reckless dismantling of the old Bundesbank's monetary framework, contributed decisively to the ensuing gross failures. Further factors in the fatal cocktail included long-term French monetary nationalism, empowered by a French President at the head of the ECB, and the succumbing of euro officials to the same deflation phobia which had gripped the Federal Reserve.In exploring these themes, Dr. Brown draws on both traditional monetarist and Austrian School economic literature. He demonstrates that the European Sovereign Debt Crisis is in fact the bust phase of...
