Greekonomics
The Euro Crisis and why politicians don't get it
Published on 1. October 2012
Book
Paperback/Softback
256 pages
978-1-84954-400-9 (ISBN)
Description
Economist Vicky Pryce reflects on the current crisis in the Euro Zone - its causes and how Europe has responded, and offers her thoughts on what might and what needs to happen if the Euro is to survive in its current form. She pays particular attention to Greece, the country of her birth, the country first in the firing line in the Euro crisis and the country even now seen as Europe's 'problem child'. But as Pryce explains, the roots of the Euro's crisis are much broader than a set of profligate governments in Greece, Ireland, Portugal, Italy or Spain. The flaws in the current system were obvious to economists from the outset. Politicians ignored or downplayed these in creating the Euro and indeed made the problem worse by watering down the controls that were in place. If the Euro is to survive in the long term, even greater political and fiscal integration and cooperation will be required.
The dilemma is that the slow and unimaginative response of the German and other northern European political classes to the current crisis and the consequent enormous pain that is now being inflicted on many countries, has led to greater nationalism and made reaching the consensus necessary to pull Europe out of its crisis more, rather than less, difficult. This book will be required reading for economists, politicians, market practitioners, public servants and anyone interested in understanding the current crisis.
The dilemma is that the slow and unimaginative response of the German and other northern European political classes to the current crisis and the consequent enormous pain that is now being inflicted on many countries, has led to greater nationalism and made reaching the consensus necessary to pull Europe out of its crisis more, rather than less, difficult. This book will be required reading for economists, politicians, market practitioners, public servants and anyone interested in understanding the current crisis.
Reviews / Votes
A good read - It has intellectual depth and insider perspective - Flashes of humour - [an]Excellent achievement. Radar, The Independent A lively and non-technical description of just how we got here with the euro-crisis. The Business Economist 'Given the politicians' endorsements on the cover of her book, it's possible that they do get it, but Pryce, a Greek-born economist, does an admirable job of rescuing her homeland from the scurrilous portraits of it that have recently dominated the press. She reminds us of Greece's much-troubled past, which should have given Europe's politicians pause for thought before welcoming it into the euro, and blames political expediency, not a racist stereotyping of Greek laziness, for the financial mess. Some of the economic detail is a little hard to follow, but Pryce works hard to be accessible, and highlights key facts that are contributing to people's anger in Greece - unemployment benefit, for example, is paid out for just one year and, even then, only if you have contributed enough. After that, you're on your own.' Independent on Sunday ' Her account of the country's institutionalised rottenness...is shatteringly comprehensive.' Sunday Times Culture 'Vicky Pryce has just written a book in which she argues that Greece could never have lived within the euro and economic Armageddon was an inevitability. The book, niftily titled Greekonomics, is an interesting and accessible polemic. Before writing it, Pryce was a top civil servant, joint head of the UK's government economic service and before that she had a senior job in the City. An interesting and impressive career.' The GuardianMore details
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Book
11/2013
Biteback Publishing
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Person
Vicky Pryce is an economist, and former Joint head of the United Kingdom's government economic service.