The Future of the Euro: lessons From History
The Future of the Euro: Lessons from History, a conference sponsored by the Austrian Marshall Plan Foundation and the Austrian National Bank, was held at the University of California, Berkeley on April 16, 2013. The event focused on the following questions: Will the Euro survive? Should it survive? Will the current crisis lead to the banking, fiscal, and political union ultimately required for monetary union and envisioned when the euro was created?
Or will current efforts to stabilize the monetary union with only limited moves in the direction of banking, fiscal and political union suffice to save the euro? Is there danger that pressure for deeper integration will only worsen the “democratic deficit problem” and create a backlash against the larger European project?
The Future of the Euro Conference was distinctive in two ways. First, it highlighted the importance of an historical perspective for the understanding of present and future trajectories in the eurozone and in Europe as a whole. It explored what history might be able to teach us about the options for a eurozone characterized by divergence between a rich, competitive core and an impoverished, uncompetitive periphery, as well as the institutional options that might be necessary for stability and growth in Europe as a whole.
Perhaps historical precedents—e.g. the success of monetary union in the United States, in reunified Germany, or the 19th Century success of the Gold Standard have something to tell us about the requirements for success in preserving the euro. What price was paid for these and other successes? What can past failures — e.g. the Latin Monetary Union, the Austro-Hungarian currency zone, the ruble zone, the Gold Standard in the 20th century — tell us about the likely consequences of a euro break-up and the fate of countries that abandon a currency regime? To what extent does the size of the eurozone and its importance in the global economy make historical comparisons difficult if not impossible?
Second, by keeping the number of participants relatively small, this conference encouraged fruitful and wide-ranging discussion.
It consisted of four panels:
- Political Union
- Banking Union
- Fiscal Union and
- Monetary Union
I. Political Union
Benjamin Jerry Cohen
J. Bradford DeLong
II. Banking Union
Kris James Mitchener
III. Fiscal Union
C. Randall Henning
IV. Monetary Union
In the News:
Interview with historian James Harold on the occasion of the conference „The Future of the
Euro: Lessons from History“ at the University of California, Berkeley.
[in German]: Click to open .pdf
Interview with Barry Eichengreen:
Starökonom fordert mehr Geld für die Banken und stärkere Medizin
Eichengreen: Banken in Ordnung, der Rest ist "Nebensache"
[in German]: Click to go to page
[in German]: Click to open .pdf
Generous support from the following sponsors is gratefully acknowledged:
- Biographies of Concepts in the Human and Social Sciences
- Workshop on Regional Economic Development in Europe and the USA
- Expert Commissions and Migration Policy Making
- The Future of the Euro: Lessons from History
- Growth Strategies for Southern Europe
- Conference on Migration and Development
- Dealing With the Crisis
- Universities and Society
- Images of the Marshall Plan
- The Aid Note is a Wrong Note
- A "Marshall Plan in Reverse"
- Think Tanks in the Political Process of the EU and the USA
- A Wider Europe
- Reduce Public Influence!
- What the Euro Can Teach the World
- Insolvency Law - Playing Field For Experiments
- A Weakened Idol?
- What Separates the U.S. from Europe?