Eurobondage - A Discussion About the Political Costs of Monetary Union
Book Salon with author Jonathon Moses (NTNU) in conversation with Michael Alvarez (UiB).
Join us for a discussion about the book Eurobondage - The Political Costs of Monetary Union in Europe by author Jonathon Moses (NTNU).
Our host this evening, Michael Alvarez, writes this about the book:
“The economic costs to member states of monetary union and economic austerity policies have been discussed exhaustively. But what about the political costs? Moses’ lucidly articulated analysis shows how the Eurozone monetary policy regime trumps states’ policy sovereignty and democratic voice by restricting their ability to manage their own economies. Given the enormous distributive consequences of monetary policy, should its management not be determined by the preferences of citizens and national governments? Moses’ comparative small-state case analysis – Ireland, a Eurozone member, Latvia, a candidate member, and Iceland, a non-member – demonstrates how national policy autonomy varies with degree of participation in the European common currency. Most importantly, Moses shows the enormous positive consequences of enhanced independence for the countries’ relative success in managing their economies during and following the economic crisis of 2008. By explaining and exhaustively illustrating the relationship between democratic voice and economic policy regimes. Eurobondage is a pristine example of political economy at its most illuminating, relevant and accessible.
In the end, Moses persuasively shows how domestic control over monetary policy is essential not only for national sovereignty in the management of the domestic economy, and for generating better performance in economic growth and unemployment, but also for allowing voice for citizens in the face of the regressive distributive consequences of the inflation-obsessed Eurozone austerity regime. Eurobondage straddles the disciplines of of international political economy, institutional design and democracy studies, setting a new standard for balancing rigour and accessibility. It will prove a valuable resource for initiating university students at all levels (not to mention policymakers) into the exciting discipline of political economy.”
Jonathon Moses is Professor of Political Science at the Norwegian University of Science and Technology, Trondheim, Norway.
Michael Alvarez is Associate Professor at the Department of Comparative Politics, University of Bergen.