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Introduction: Europe, the euro and a crisis&nbsp; &nbsp;&nbsp;<p></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe, the European union and the euro&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The road to the euro</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiscal and monetary policy in the euro zone&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The crisis&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe in the wake of the global financial crisis</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outline of this book&nbsp; </p> <p>&nbsp;</p> <p>A financial and economic crisis in Greece&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p>Introduction&nbsp; </p> <p>The incubation of modern Greece&nbsp; </p> <p>The economy in the eighties and early nineties&nbsp;&nbsp;&nbsp; </p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiscal Policy&nbsp;&nbsp; </p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monetary policy and financial deregulation</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The macroeconomic environment&nbsp; </p> <p>Slowing productivity growth as a prelude to access to the euro &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p>On the statistics provided by the Greek government&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p>Access to the European monetary union&nbsp;&nbsp; </p> <p>An apparent boom&nbsp;&nbsp;&nbsp; </p> <p>Dynamic of the crisis in Greece&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p>&nbsp;</p> <p>Ireland: from prosperity to crisis&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p>Introduction&nbsp; </p> <p>A condensed pre-history of Ireland’s economy&nbsp;&nbsp;&nbsp; </p> <p>The post war history of the Irish economy</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ideas&nbsp;&nbsp; </p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actors </p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Action and Policy changes&nbsp;&nbsp; </p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1966–1973&nbsp;&nbsp;&nbsp; </p> <p>1970s and 1980s&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Context&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Politics and policies&nbsp; </p> <p>The Celtic Tiger 1993-2007 </p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A blueprint for economic growth&nbsp;&nbsp; </p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Results&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p>The onset of the crisis&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A hiccough&nbsp;&nbsp;&nbsp;&nbsp; </p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate and a few prophets&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; How the real estate boom came to an abrupt pause&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p>A dynamic of the crisis in Ireland&nbsp;&nbsp; </p> <p>&nbsp;</p> <p>Spain, the euro and a crisis&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p>Introduction&nbsp; </p> <p>Spain before 2007&nbsp;&nbsp;&nbsp; </p> <p>The financial situation of Spain in 2007&nbsp;&nbsp;&nbsp;&nbsp; </p> <p>The real estate bubble in Spain, 1997-2008: spurious explanations</p> <p>The real estate bubble in Spain, 1997-2008: underlying factors&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The demographic situation&nbsp; </p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rates </p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; La ley del suelo&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corruption of local officials&nbsp; &nbsp; &nbsp;&nbsp;</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The role of money laundering in launching the real estate bubble&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p>Financing real estate: the cajas de ahorro.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> Fiscal impact of the crisis&nbsp;&nbsp;&nbsp;&nbsp; <p></p> <p>Dynamics of the financial crisis in Spain</p> <p>&nbsp;</p> <p>How Italy experienced the euro crisis&nbsp; </p> <p>Introduction&nbsp; </p> <p>A condensed history of Italy’s economy&nbsp;&nbsp;&nbsp; </p> <p>The Golden Age, 1953-1971&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The impact of state owned enterprises&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The close of the sixties&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p>The Seventies and Eighties&nbsp; </p> <p>The electorate revolts 1992-1994&nbsp; </p> <p>Italy in the euro&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p>A dynamic of the financial crisis in Italy&nbsp;&nbsp;&nbsp;&nbsp; </p> <p>Chapter 6 Conclusion: the crisis and lessons for the administration of the euro</p> <p>Understanding the euro crisis</p> <p>Overview of this book</p> <p>Similarities and differences in the crisis experience</p> <p>Lessons from the crises in Europe</p> <p>A lesson from the euro crisis</p> <p>Coda&nbsp;&nbsp; </p> <p>Bibliography</p> <p>Index</p>

<p>Roderick Macdonald is Professor of Management and Technology at the École des sciences de la gestion, Université du Québec à Montréal, Canada. He has published books and articles on business strategy in new industries, fundamental economic notions used in business and moral analysis in management. His previous book with Palgrave Macmillan is <i>Genesis of the Financial Crisis</i>.</p><p></p>

This book critically analyses the crisis of the euro currency from 2008 to the present. It argues that an understanding of this crisis requires an understanding of financial and economic crises in individual countries participating in the euro. It goes on to describe and explain the crises in four countries – Greece, Ireland, Spain and Italy – showing how they differ and together challenge the euro currency by requiring a varied policy response from Europe.&nbsp;<i>Eurocritical&nbsp;</i>is a guide for scholars, students and practitioners of finance and economics.<p></p>

<p>Evaluates the euro crisis through an in-depth look at four different countries: Greece, Ireland, Spain and Italy</p><p>Combines economic history with financial expertise to build a holistic picture</p><p>Identifies the changes in mentality and administration that are required to secure the future of the euro project</p>

<div>Evaluates the euro crisis through an in-depth look at four different countries: Greece, Ireland, Spain and Italy</div><div>Combines economic history with financial expertise to build a holistic picture</div><div>Identifies the changes in mentality and administration that are required to secure the future of the euro project</div>

“Roderick Macdonald offers a unique view on the European financial crisis.&nbsp; Through detailed national case studies, he explains why the crisis unfolded as it did, not just across the Continent, but from one country to the next.&nbsp; It is essential reading for anyone interested in how far European integration has come, and how far it still has to go.” (Erik Jones, Professor of European Studies and International Political Economy, Director of European and Eurasian Studies, Johns Hopkins University, School of Advanced International Studies, Bologna, Italy)<p>“Professor Macdonald’s work uses a large data set (based on hard data mining) and includes a wide range of parameters, information and approaches to analyze the structural problems and characteristics of the Greek economy and thus shed light on fundamentals and origins of the crisis, underlying the need to focus on them for the Greek economy to exit from the current difficult situation.” (Christos Triantopoulos, Research Fellow, Centre of Planning and Economic Research (KEPE), Athens, Greece)</p>