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ASHGATE
Mana Lorca-Susino
The International
Political Ecortomv
Maria Lorca-Susino
2010
MARIA LORCA-SUSINO
University of Miami, USA
ASHGATE
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system
or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or
otherwise without the prior permission of the publisher.
Maria Lorca-Susino has asserted her right under the Copyright, Designs and Patents Act, 1988,
to be identified as the author
of this work.
Published by
Ashgate Publishing Limited
Wey Court East Union Road
Farnham Surrey, GU9 7PT
England
www.ashgate.com
British
Library
Cataloguing in Publication
Data
Lorca-Susino, Maria.
The euro in the 21st century : economic crisis and financial uproar. -- (The international
political economy of new regionalisms series)
1. Euro. 2. Euro area. 3. European Union countries-- Economic integration. 4. European
Union countries-- Economic conditions--21st century. 5. Financial crises-- European Union
countries. 6. Board of Governors of the Federal Reserve System (U.S.) 7. European Central
Bank.
8. International Monetary Fund.
I. Title II. Series 332.4'94-dc22
Library of Congress Cataloging-in-Publication Data
Lorca-Susino, Maria.
The euro in the 21st century : economic crisis and financial uproar / by Maria Lorca-Susino.
p. cm. -- (The international political economy of new regionalisms series)
Includes indexes.
ISBN 978-1-4094-0418-7 (hbk) ISBN 978-1-4094-0419-4 (ebk)
1. Euro. 2. Euro area. 3. European Union countries--Economic conditions--21st century.
4. Europe--Economic integration. I. Title.
HG925.L67 2010 337.1'42--dc22
2010026844
ISBN 978 1 4094 0418 7 (hbk)
ISBN 978 1 4094 0419 4 (ebk) I
Mixed Sources
TTr
Contents
List of Graphs
List of Tables
Foreword
Acknowledgements
List of Abbreviations
PART I
1
vii
xi
xiii
xvii
xix
27
49
81
111
143
183
211
PART IV CONCLUSION
9 The Eurozone in the 21st Century
249
Bibliography
275
Index
309
List of Graphs
2.1
2.2
2.3
2.4
2.5
2.6
2.7
2.8
2.9
2.10
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
3.11
3.12
3.13
3.14
3.15
3.16
3.17
3.18
3.19
3.20
3.21
3.22
32
33
37
37
40
41
41
42
43
45
56
57
57
58
59
59
60
60
61
61
62
63
64
64
65
66
66
66
67
67
68
69
3.23
3.24
3.25
3.26
3.27
3.28
3.29
3.30
3.31
3.32
3.33
3.34
4.1
4.2
4.3
4.4
4.5
4.6
4.7
4.8
4.9
4.10
4.11
4.12
4.13
4.14
4.15
4.16
5.1
5.2
5.3
5.4
5.5
5.6
5.7
5.8
5.9
5.10
6.1
6.2
6.3
6.4
6.5
69
70
70
71
72
73
74
74
75
76
77
77
84
86
89
90
94
95
97
98
99
100
101
102
104
105
106
123
125
129
130
134
136
137
140
140
140
145
146
147
149
150
6.6
6.7
6.8
6.9
6.10
6.11
6.12
6.13
6.14
6.15
6.16
6.17
6.18
6.19
6.20
6.21
6.22
6.23
7.1
8.1
8.2
8.3
8.4
8.5
8.6
8.7
8.8
8.9
8.10
8.11
8.12
8.13
8.14
8.15
8.16
8.17
8.18
8.19
8.20
8.21
8.22
8.23
151
152
154
155
155
157
165
168
169
170
171
173
174
176
178
179
180
194
214
216
217
219
219
222
223
223
224
225
228
228
229
230
231
234
235
236
237
238
239
240
241
8.25
9.1
9.2
9.3
9.4
Indexes compared
Job openings and labor turnover survey
comparison of us and Eu productivity
comparison of us and EU capacity utilization
us small Business optimism index
244
252
252
253
254
9.5
9.6
255
9.7
257
258
List of Tables
1.1
1.2
2.1
2.2
2.3
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
4.1
4.2
4.3
7
9
34
35
36
50
51
51
52
52
53
54
55
83
currencies
7,
88
Currency Composition of Official Foreign Exchange Reserves
(COFER) (in us$ millions)
4.5
Leading exporters and importers in world merchandise trade,
2008 (in billions)
4.6
Financial assets, us and eurozone compared (in us$ trillions,
using 2008 exchange rates for all years)
5.1
currency distribution of reported foreign exchange market turnover:
percentage share of average daily turnover, April 2007
5.2
Daily global foreign exchange turnover, 1989 to 2008
(us$ billions)
5.3
Daily average foreign exchange turnover, net of double-counting,
by instrument (us$ millions)
5.4 Daily foreign exchange turnover and transactions costs, net of doublecounting, by instrument, counterparty and currency,
April 2004
2010
4.4
91
96
97
115
115
117
118
5.5 Daily foreign exchange turnover and transactions costs, net of doublecounting, by instrument, counterparty and currency,
April 2007
120