The Euro In Danger: Reform and Reset
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Some words from the authors.
'We wrote this book as the result of a number of passionate, and it must be admitted heated, conversations on the EMU question before Christmas 2011, around the time of the Fiscal Compact, which led to a first draft in January this year.
We are putting the finishing touches to the work on the twentieth anniversary of the UK’s exit from ERM, which occurred on 16th September 1992.
European events continue to dominate the UK agenda, but now also the sentiment in global financial markets.
We each have grown up with the spectre of the European question: How far should the UK integrate into the European project? The answer to that question has continually provided the context for so much of the UK policy agenda that it has sometimes proved hard to think more profoundly about the question in the Kennedy-sense of not what the Euro can do for us but what we can do for the Euro. Undoubtedly the missing ingredient in the Euro debate is what we might call good old-fashioned market liberalism. That would probably have been the main contribution that UK entry to EMU could have provided to Euro policymaking elite. We maintain in what follows that financial markets are not to be feared but, as they are enormously powerful machines for processing information, to be learnt from. However, they must also be intelligently managed, as they are prone to fads and fashions. We have tried here to collect up a number of such observations and comments into an agenda for reform in terms of necessary steps towards a functional Eurozone. This is not because we think that common currency ought to fail, but because we think that the current situation can and should be rescued.
However time though is short. Already the sinews of the policymakers have been stretched to breaking point, and sadly, economic and monetary policy is not far behind.'
About the authors
Professor Jagjit S. Chadha
Professor of Economics at the University of Kent and on the Advisory Board of the Centre of International Macroeconomics and Finance at the University of Cambridge. Previously Professor of Economics at the University of St Andrews and Fellow at Clare College, Cambridge. Educated at University College London and the London School of Economics and then moved to the Bank of England as an Official working on Monetary Policy.
He was Chief Quantitative Economist at BNP Paribas (2005-2007). Series Editor of Modern Macroeconomic Policy-making by Cambridge University Press.
Professor Michael A. H. Dempster
Professor Emeritus at the Centre for Financial Research, University of Cambridge.
Educated at Toronto and Carnegie-Mellon University. He has taught and researched in leading universities on both sides of the Atlantic and is founding Editor-in-Chief of Quantitative Finance and of the Oxford Handbooks in Finance. Consultant to many global financial institutions and governments, he is regularly involved in executive education worldwide. Author of over 120 research articles in leading international journals and 13 books, his work has won several awards and he is an Honorary Fellow of the UK Institute of Actuaries and Managing Director of Cambridge Systems Associates Limited, a financial analytics consultancy and software company.
Mr Derry Pickford
Macro-Analyst at Ashburton UK, the investment management division of First Rand Group, the second largest banking group in South Africa.
He was educated at Clare College, Cambridge. Previously Chief Economist for 8 years, at Sloane Robinson, an equity hedge fund manager, he spent three years as Economic Analyst at Smithers & Co. a macro-economic consultancy specialising in macro imbalances and their implications for financial markets. Whilst at Smithers he served on the EUROPA working group looking at best practice for financial market analysts and continues to work on how multiple principal-agent relationships acted to magnify noise in financial markets.