Top positive review
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A complex read but well worth it...
on 18 January 2010
Not a book for the beach or holidays but it is one the finest books ever written on European monetary union. It should be read by all those who want the UK to adopt the euro or who are members of the Euro. However, it isn't a simplistic 'euro bashing' book . At its core it is an entertaining analysis of how the Exchange Rate Mechanism was cobbled together and how fell asunder. Laser like analysis focuses in on the its fatal flaws that everyone just wanted to look over. His analysis exposes the petulant nationalism that is at the heart of attempts at European Monetary Union. The verbal pictures he paints of the egotistical and arrogant eurocrats is worth the price of the book alone. It has been a number of years since it was first published but its predictions for difficulties within the Euro area have proved true. He highlights the simple fact that without political union there can never be monetary union but did not stop those intent on trying to achieve it. The ERM fell apart but this was swept aside and the answer was even close with the actual monteary union and a common currency. However, the slowly shifting techtonic plates of nationalism are grinding and tearing at the seams of the Euro now. The outcome is difficult to predict, but in effect the eurocrats built a cinema without a fire escape on the suppostion that this realisation would prevent anyone from ever risking starting a fire...but now there is smoke and panic is setting in.