The Birth of the Euro

by Otmar Issing

Overview

Today, 318 million people in 15 countries use the Euro, which now rivals the importance of the US Dollar in the world economy. This is an outcome that few would have predicted with confidence when the Euro was launched. How can we explain this success and what are the prospects for the future? There is nobody better placed to answer these questions than Otmar Issing, who as a founding member of the Executive Board of the European Central Bank (1998–2006), was one of the Euro's principal architects. His story is a unique insider account, combining personal memoir with reference to the academic and policy literature. Free of jargon, this is a very human reflection on a unique historical experiment and a key reference for all academics, policy makers, and 'Eurowatchers' seeking to understand how the Euro has got to where it is today and what challenges lie ahead.

Product Details

ISBN-13:	9780521731867
Publisher:	Cambridge University Press
Publication date:	09/18/2008
Edition description:	New Edition
Pages:	296
Product dimensions:	5.90(w) x 8.90(h) x 0.80(d)

About the Author

Otmar Issing is University Professor and President of the Center for Financial Studies at the University of Frankfurt and Honorary Professor of the University of Würzburg. He is a former member of the board of the Deutsche Bundesbank (1990–1998) and a founding member of the Executive Board of the European Central Bank (1998–2006).

Table of Contents

Preface; 1. The Euro in 2008; 2. Historical background; 3. The ECB and the foundations of monetary policy; 4. The ECB – monetary policy for a stable Euro; 5. The central bank and monetary policy in the EMU framework; 6. Europe at the crossroads; Register of key words; Register of persons.

Editorial Reviews

Professor Otmar Issing was an exceptional and decisive actor in making the euro, first as the chief economist and member of the Directorate of the Bundesbank and then as the chief economist and member of the Executive Board of the European Central Bank. His book is remarkable for his accuracy, lucidity and pertinence. It gives the reader the unique perspective of a major decision-maker, who is both a living symbol of the successful transition from the national currencies to the euro and a privileged witness of those historic events.”
Jean-Claude Trichet, President of the European Central Bank

“It is hard to think of a single monetary event more important than the creation of European Monetary Union. Otmar Issing, the intellectual force behind the first decade of the European Central Bank, has written a brilliant account of the debates and struggles behind the birth of the Euro, an event which has reshaped the world monetary order.”
Mervyn A.King, Governor Bank of England

“No one can tell the story of the birth of the Euro better than Otmar Issing. In this book, he shares the financial insights of an innovative economist and the practical wisdom of a seasoned leader. The book is exceptionally well written, laced with touching personal stories. There is no better way to understand the amazing birth of the Euro than to read this book.”
Prof. John B.Taylor, Stanford University

“Just on time for the 10th anniversary of European Monetary Union, Otmar Issing brilliantly strikes the balance of achievements and future challenges of the Euro. Strongly recommended reading – especially for Europe‘s leaders and politicians who should take his admonitions seriously.”
Axel Weber, President of Deutsche Bundesbank

“In this superb account, Otmar Issing, architect of the European Central Bank´s monetary policy, explains the successful launch of the most remarkable experiment in monetary history. Both an insider and a noted academic, nobody is better equipped than Dr. Issing to rid the world of its many mistaken beliefs about the world´s second most important currency.”
Martin Wolf, Financial Times

“As one who was a participant at the birth of the euro and a founding member of the executive board of the European Central Bank (ECB), Issing... has a story to tell that is both engaging and very important.... Given the economic situation today and the policy positions of the US, EU, and other major nations, Issing's observations with regard to the ECB for action, and what he considers proper action, will be of interest to all readers.... Highly recommended.”
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