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"Thanks to the economic crisis that threw a quarter of the eurozone's youth into unemployment and poisoned its politics, it seems the euro has few friends left. In this fascinating book, Martin Sandbu salvages the shipwreck of monetary union from the blunders of its political leaders. He argues persuasively that the problem lay not with the euro itself but with the decision to avoid sovereign bankruptcy. Sandbu exposes for Europe's policymakers the uncomfortable truth that the fault was not in their stars, but in the choices they made."--Dani Rodrik, Harvard University
"An extremely original take on the eurozone crisis, Europe's Orphan boldly tackles the conventional wisdom that the common currency is a disastrous halfway house. Europe's woes do not lie in its weak central institutions, but in its poor macroeconomic framework and moralistic resistance to debt write-downs. With better policies, Martin Sandbu argues, the eurozone can thrive in its current form. Indeed, the UK should stop gloating and join. Brilliant and profoundly provocative, Sandbu's book will surely influence the debate on the future of Europe."--Kenneth Rogoff, Harvard University and coauthor of This Time Is Different
"With its novel interpretation of events and policies, Europe's Orphan offers a refreshing discussion of the recent financial crisis in Europe and the failed attempts to solve it."--Thorsten Beck, Cass Business School, City University London
"This is a timely book with a striking message. It argues that the apparent failure of the euro can be attributed to specific policy mistakes rather than inherent weaknesses, and that those mistakes could be set right, saving the single currency."--Diane Coyle, author of GDP: A Brief but Affectionate History
"Discussing the eurozone crisis, Europe's Orphan contends that the euro was not the culprit and if anything, the crisis would have been worse without it. It is a gutsy and provocative work."--Ugo Panizza, Graduate Institute of International and Development Studies
"With an unconventional perspective and new information, Sandbu provides a powerful, consistent, and comprehensive overview of the eurozone crisis. Telling the story as a clash between creditors and debtors that inevitably becomes ever more bitter, this lively account will interest a wide audience."--Harold James, author of Europe Reborn: A History, 1914-2000
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