The most important European project since World War II
David Marsh, one of the most prolific financial journalists in the UK returns to update his account of the European currency. First published in 2009, The Euro was the first comprehensive political and economic summary of the creation and implementation of the currency.
Marsh detailed the jealousies and deal making that brought about the European currency. He also commented on the achievements of the Euro ten years into its enforcement. Why do we have the Euro? What has happened since it was introduced? What could happen next? This new edition particularly emphasizes the recent context of the Euro crisis and the rescue of Greece, Ireland and Portugal via bailout packages. Drawing on many interviews and “behind the scenes” stories, Marsh argues that Europe is fragmenting into opposing blocs of creditor and debtor nations. For him, one thing is sure: the Euro as originally conceived has come to an end. For instance, the rapprochement hoped for between France and Germany, which was supposed to lead to a common political and economic purpose, has yet to emerge. As a sign of this crucial period for the future of the Euro, Marsh changed the title of his book from the Politics of the New Global Currency to the Battle for the New Global Currency.
The Euro has become the second most important reserve currency in the world, especially with the Chinese demand for an alternative to the dollar. Because of this need for another reserve currency in the global economy, Marsh considers that the Euro will continue to survive, although it will be far from fulfilling its original purpose as a stable currency.
The Euro. The Battle for the New Global Currency, David Marsh, Yale University Press, £12.99