The Tragedy of the Euro
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The Tragedy of the Euro

4.18 of 5 stars 4.18  ·  rating details  ·  98 ratings  ·  11 reviews
Philipp Bagus, professor of economics at Universidad Rey Juan Carlos in Madrid, is a young scholar with a large influence, having forecast all the problems with the Euro and having persuaded many economists on the Continent that this currency is no better than any fiat currency. In some ways it is much worse because it has cartelized the management of European monetary reg...more
Hardcover, 2nd Edition, 172 pages
Published July 16th 2012 by Terra Libertas (first published 2010)
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Ash Moran
If you are up to now hazy about the implications of the Euro, this will surely give you a clear perspective. Phillip Bagus shows through the history of Europe in the last half-century, a single currency evolved through conflict, not unity. He explains the economic mechanisms behind a currency structured to fail almost like a tragedy of the commons.

Bagus tells the story along the following lines: With the Treaty of Rome, the EEC was formed in a classical liberal mindset, but a socialist oppositio...more
À luz da actual crise económica que assola a Europa, em particular os países do sul - que pejorativamente são designados pela acrónimo PIIGS (Portugal, Irlanda, Itália, Grécia e Espanha) - este é um livro que se revela de grande interesse e de leitura, na minha opinião, quase imperativa.

O livro é bastante abrangente, fazendo um enquadramento histórico que antecedeu o Euro, passando pelo conceito de moeda fiduciária e terminando no percurso que levou à actual situação, capítulo que o autor intitu...more
While "captivating" is not the word I would use to describe the writing style, the content of the book is definitely something Europeans should know more about. It paints a clear, grim history of the Euro, starting from Germany's World War I reparations and the destructive farming subsidies, that have been there basically from World War II.

At times it the amount of bashing the French and praising the Germans starts to make you doubt whether it can all actually be that black and white. The clash...more
Zachary Moore
This short book helped me revise my views on the euro, which I had thought of as being at least not a terribly bad thing before reading this book. Bagus clearly shows that the EMU is set up in such a way that profligate countries like Greece have every incentive to spend money freely in the sure knowledge that the taxpayers in the more conservative states will have to bail them out, as we have seen over the past year. Bagus also demonstrates how the EMU effectively turns the EU into a massive we...more
Christoffer Skuthälla
Accomplishes its purposes, but if you are looking for a theoretical analysis of central banking look elsewhere. The book mostly deals with the historical facts that have led to todays situation
Andrew Skretvedt
This is a great guide to use to track future events in the eurozone. The euro and the state institutions created to produce and administer it have so far proven themselves as a mechanism to export inflation, uncompetitiveness, and the profligacy of some national governments, onto the comparatively stronger economies of healthier nations (namely Germany).

The institutions themselves create incentive structures which work against the euro as a strong and stable currency. It's an unstable union, evi...more
This book explains how the Euro and European Central Bank, through European governments' ability to just print government bonds, is acting as a big transfer of wealth from fiscally conservative countries (such as Germany) to fiscally unsound countries (such as Greece). It is like what would happen if 14 people had printing presses and each one could print money and spend it. The person who could print money fastest would be the person who accumulated wealth by essentially stealing it from the ot...more
Short overview of the history of the EU, the EMU and the Euro up to the first half of 2011. It's written as a basic entrance to the subject and shows the biggest inherent flaws of the whole system whilst pointing out who are the people to profit and who are the people to suffer from it

You have to keep in mind that the book was published by the Mises Institute and Philipp Bagus is a strong adherent to austrian school of economics, so the subject is from an economic liberalist point of view.
Mata uang bersama Euro ialah proyek sosialisme Prancis, bukan proyek 'liberal' yang seringkali dipersepsikan orang. Disini Philipp Bagus menganalis sejarah gagasan Euro, ketegangan Prancis vs Jerman dalam merebutkan dominasinya, serta-serta implikasi-implikasi yang tidak menyenangkan dari penerapan sistem mata uang tunggal Eropa.
A MUST READ for all those interested in the euro crisis or its history
Roman Červenák
eye-opener, definitely worth reading
William Pow
William Pow marked it as to-read
Jul 11, 2014
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Apr 21, 2014
Jyri-matti Lähteenmäki
Jyri-matti Lähteenmäki marked it as to-read
Mar 17, 2014
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