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Despite the success of policymakers and the European Central Bank in calming down financial markets since the summer of 2012, European leaders are still facing formidable challenges in making the single currency work in a complex environment. This book starts with a review of the necessary elements of a currency union and highlights the reasons why the system has run into its present troubles. It points to important policy recommendations to be drawn from a structural analysis of the currency union, achievements and failures of the currency union and ways to improve fiscal sustainability...

Despite the success of policymakers and the European Central Bank in calming down financial markets since the summer of 2012, European leaders are still facing formidable challenges in making the single currency work in a complex environment. This book starts with a review of the necessary elements of a currency union and highlights the reasons why the system has run into its present troubles. It points to important policy recommendations to be drawn from a structural analysis of the currency union, achievements and failures of the currency union and ways to improve fiscal sustainability...

In the spring of 1933, German society was deeply divided - in the Reichstag elections on 5 March, only a small percentage voted for Hitler. Yet, once he seized power, his creation of a socially inclusive Volksgemeinschaft, promising equality, economic prosperity and the restoration of honor and pride after the humiliating ending of World War I persuaded many Germans to support him and to shut their eyes to dictatorial coercion, concentration camps, secret state police, and the exclusion of large sections of the population. The author argues however, that the everyday practice of...