Unhappy Union: How the Euro crisis -- and Europe -- Can Be Fixed

by John Peet, Anton La Guardia

The euro was supposed to create an unbreakable bond between the nations and people of Europe. But when the debt crisis struck, the flaws of the half-built currency brought the European Union close to breaking point after decades of post-war integration.

Deep fault-lines have opened up between European institutions and the nation-states—and often between the rulers and the ruled—raising profound questions about Europe's democratic deficit. Belief in European institutions and national governments alike is waning, while radicals on both the left and the right are gaining power and influence.

Europe's leaders have so far proved the doomsayers wrong and prevented the currency from breaking up. "If the euro fails, Europe fails," says Angela Merkel. Yet the euro, and the European project as a whole, is far from safe. If it is to survive and thrive, leaders will finally have to confront difficult decisions. How much national sovereignty are they willing to give up to create a more lasting and credible currency? How much of the debt burden and banking risk will they share? Is Britain prepared to walk away from the EU? And will other countries follow?

In Unhappy Union, The Economist's Europe editor and Brussels correspondent provide an astute analysis of the crisis. They describe America's behind-the-scenes lobbying to salvage the euro, economists' bitter debates over austerity, the unseen maneuvers of the European Central Bank and the tortuous negotiations over banking union. In the final chapter, they set out the stark choices confronting Europe's leaders and citizens.

Genres: Economics, Politics, History

240 pages, Hardcover

First published May 1, 2014

About the author

John Peet is a British journalist and author, currently serving as the political editor of The Economist. He has had a long and distinguished career with the publication, previously holding roles including Europe editor, Washington correspondent, and business affairs editor. Recognized as an authority on European affairs, he has written extensively on the EU, the Eurocrisis, and European politics, contributing major special reports and articles that have garnered both praise and controversy.
Peet was born in Mombasa and raised in Kenya and later Oxfordshire. He studied economics at St John's College, Cambridge, under prominent figures such as Mervyn King, and was active in student political life. Before joining The Economist in 1986, he worked for a decade as a civil servant in the British Treasury and Foreign Office. His book Unhappy Union, co-authored with Anton La Guardia, offers a critical analysis of the European Union and was published to wide acclaim. He has also received the Gerald Loeb Award for Commentary for his writing on the Eurozone.

Reviews

[sunny]

Prima overzicht van het verloop van de Eurocrisis. Echter, het commentaar van de auteurs over de werking van de EU in zijn algeheel was naar mijn mening vaak ongenuanceerd, te cynisch en niet relevant voor de EMU, waardoor het boek naar het einde toe minder interessant werd.

[Tim · Rating 4 out of 5]

I really enjoyed the humour in this book along with the great insight on the European Union from the Treaty of Rome to just before Brexit. This has been on my list for a while and I am so glad to know more about this history and the challenges the EU faces today. Political wonks got to read this!

[Pete · Rating 4 out of 5]

Unhappy Union: How the Euro Crisis and Europe can be fixed (2014) by John Peet and Anton LaGuardia is a book that looks at the problems caused by the Euro, the history of ERM and where the authors proposes fixes for Europe.
Peet and LaGuardia have both been correspondents for The Economist on Europe. They know their subject matter intimately.
Chapter 1 looks at the depths of the Euro crisis, Chapter 2 goes through the history of Europe, Chapter 3 looks at how the EU works, chapter 4 the launch and early days of Europe and Chapter 5 and 6 go through the details of the crisis. Chapter 7 & 8 describe how Europe has changed and Chapter 9 look at the European Parliament, Chapter 10 and 11 on Europe’s new foreign policy and Chapter 12 compares the Euro Zone to the US and describes what the authors can be done to fix Europe.
The book has some interesting revelations, such as that the Germans did seriously think about throwing Greece out of the Euro. The chapters on history are fun to read and even amusing in parts. The chapters on the crisis are hard going, the Byzantine details of the way Europe works make for difficult and fairly dull reading despite the enormously serious nature of the crisis they are describing. Chapter 10 and 11 highlight the problems with the EU.
The book describes the curious experiment that the Euro is. It seems the authors may inadvertently be fuelling scepticism of the Euro as they painstakingly describe the mess of European decision making. The chapters comparing the recoveries in the US to the Eurozone lend weight, again inadvertently to the idea that the Euro was a mistake.

[Mumtaza Rizky Iswanda · Rating 3 out of 5]

Quite interesting view being written in 2012, even though some of their predictions missed, most of them are sensible