Saving Europe: How National Politics Nearly Destroyed the Euro

Carlo Bastasin, an economist and journalist, reveals the unknown events that have happened behind the scenes in European capitals during the ongoing financial crisis, beginning in 2008 with the collapse of major financial institutions. He argues that the crisis in the eurozone has a political origin in the abuses of national politics unable to cope with the pressure of globalization. Moreover, the crisis is reinforced even now by the obstinate defense of national prerogatives in politics and finance and by the lack of commitment for shared or supranational sovereignty. While the consensus view is that monetary union was a flawed project and must be amended, Bastasin shows that the failures have to do almost entirely with national opportunism — not only in Greece but everywhere, not least in Germany. Saving Europe is the first major book on these momentous developments and their likely ramifications. Bastasin's compelling work is an engrossing historical chronicle, weaving moments of high drama with individual personalities on the world stage. Germany chancellor Angela Merkel, French president Nicolas Sarkozy, and British prime minister Gordon Brown play central roles. This is also a scholarly attempt to make larger sense of what happened — and what could happen next. Given the critical role and importance of Europe within the world economy as well as growing speculation that the euro might disappear, this is essential reading for anyone trying to grasp international economics. Just as important, it is a fascinating tale of people, personalities, and power. There is no other book like it.