Off the Target

This book describes the history of European integration and the Eurozone, before presenting ways in which the European Union can move forward. Charting integration from before the Second World War, the foundations of the Eurozone are examined to provide insight into the challenges faced by the European Union, including the Global Financial Crisis, over recent decades. The impact of TARGET2 and the European Monetary System are also discussed.

This book aims to highlight ways that current challenges to European integration, such as the COVID-19 crisis, environmental degradation, and fiscal debt, can be overcome to promote economic growth and social advancement. It will be relevant to students, researchers, and policymakers interested in the political economy and European economic policy.

“Muhammad Ali Nasir has written a remarkable book full of new insights in the difficult process of European integration and the financial crises of recent times that resulted in  a lost  decade for the continent. This book is a must-read for anyone who is seriously interested in understanding the mechanisms that led to the problems Europe encounters and in the potential ways ahead.”

-          Hans-Werner Sinn, Professor Emeritus of Economics and Public Finance, University of Munich, Germany

 

“After providing insightful accounts of the moves to union and integration in Europe, this impressive book provides detailed analyses and critiques of the macroeconomic policies of the euro area institutions in the ‘lost decade’ of the 2010s. It also evaluates the prospects for a post-pandemic recovery and whether a second ‘lost decade’ can be avoided, fully cognizant of the major challenges faced by the euro area.”

-          Malcolm Sawyer, Emeritus Professor of Economics, University of Leeds, UK

 

“This is a timely book on European economic and social policy. As we have seen during the Euro Crisis, the European integration has weakened nation states without the Union stepping. EU policies had deepened the economic crisis. The Covid Crisis requires the EU to change course and develop its capacity to support its citizens.  Off the Target is a useful guide through current debates.”

-          Engelbert Stockhammer, Professor of Political Economy, King's College London, UK

 

“At this time of grave ecological insecurity and dangerous imperialist rivalries, a democratic and social European Union could emerge as a progressive, green, stabilising power in world politics. This detailed and authoritative account of the emergence of the European Union's political economy is both timely and an invaluable resource for diplomats, scholars and politicians.  It already has a significant place on my bookshelf.”

-          Ann Pettifor, Director of Policy Research in Macroeconomics (PRIME)

“This book gives a fascinating history of the European Monetary Union and the

role of Target2 mechanism in internalizing the financial and economic fissures

within the Eurozone area. At the heart of the Euro experiment is the question

whether a single currency will be the bonding glue for fiscal, security and political union or instead, a formula for stagnation or Lost Decade2.0. Read this book to find out the answers.”

-          Andrew Sheng, Distinguished Fellow at University of Hong Kong, Adjunct

Professor Tsinghua and Peking Universities

“This book does a fantastic job assessing the European Union’s decade in

turmoil – the 2010s – when it plunged from one crisis to another including the

Eurozone debt crisis, austerity and Brexit. In accounting for the ‘lost decade’,

politics and economics are beautifully woven together, combining topics ranging from European identity and politics of convergence to the intricacies of monetary, fiscal and financial policies in the Eurozone. This is also an ambitious and forward-looking account, tackling green finance, digital transformation and potential trade wars – key policy issues of our time.”

-          Gulcin Ozkan is Vice Dean and Professor in Finance at King’s Business School,King’s College London

Muhammad Ali Nasir is Associate Professor in Economics at the University of Huddersfield.