Euro on Trial looks back - to the aspirations of the founders - and forward - to the possibility of reform or splitting up. After five years of experience with the new currency, new insights are possible into the old arguments for and against union. Monetary union is reversible in part or in whole and this book assesses the costs and benefits. Brown examines several mainstream scenarios for the future of the euro in these essential readings for market practitioners as well as academics. For example, how long will the euro survive? The author shows that the answer depends principally on Germany. Any of the small or medium-sized economies could leave monetary union without threatening its existence. But were Germany to pull out it is highly doubtful whether there would be a core of countries that would perserve inside. Germany's membership so far has brought much disappointment. How many more years of disillusion are required before the question of EMU reform or break-up enters the mainstream of German political debate?
'Professionally, I have to read a lot about the euro, and this is as good a short history and analysis as I have come across. Brown's book is not for the faint-hearted but is well worth the effort for anybody who wants an objective analysis of the rocky road to the current position of the euro - and the possible ways ahead.' - Professor Peter Cooke, KPMG Professor of Automotive Industries Management, Nottingham Business School, UK