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Europe's OrphanThe Future of the Euro and the Politics of Debt$
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Martin Sandbu

Print publication date: 2017

Print ISBN-13: 9780691175942

Published to Princeton Scholarship Online: May 2018

DOI: 10.23943/princeton/9780691175942.001.0001

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Remembering What the Euro Is For

Remembering What the Euro Is For

Chapter:
(p.267) Eleven Remembering What the Euro Is For
Source:
Europe's Orphan
Author(s):

Martin Sandbu

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691175942.003.0011

This concluding chapter highlights what the euro is good for. European economic prowess and unity of purpose are goals towards which the euro can and should make a contribution, even if its leaders' policy choices have prevented that from happening so far. Monetary union is good for trade, and trade is good for productivity and growth. Moreover, it makes it easier to invest across borders. The euro, can help channel savings from the older, richer parts of Europe to investments in the younger, poorer, and potentially faster-growing, parts. In both these ways, the ‘one market, one money’ slogan got it right: letting both trade and capital work on larger stages lifts the limits that a small scale imposes on productivity. And, finally, the removal of the devaluation ‘quick fix’ encourages both companies and governments to address the sources of low productivity.

Keywords:   euro, European economy, unity, monetary union, trade, investments, productivity

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