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The European Union: Economics, Policy and History’ by Susan Senior Nello

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The book we are discussing in this essay is called ‘The European Union: Economics, Policy and History’ by Susan Senior Nello. This book takes into account the different disciplines of economics, policy-making and therefore including a great deal of politics, and the history of the institution of the European Union as we know it today. The broad multi-disciplinary perspective makes this a comprehensive book that combines different aspects together making this particularly useful in the current debate about the future of the European Union. The main focus of the book are the policies of the European Union which is the authors’ speciality having worked on various projects for the European Institute in Florence and having advised the European Commission (McGraw – Hill). This book is a good introduction to the on-going debate concerning the progress and developments of the European Economic and Monetary Union. The author does not use a lot of technical terms and if she does they are explained which makes this book perfect as a study-book for students who want to enter this debate and want to be able to carefully structure their arguments. The authors’ main argument is question if the European Economic and Monetary Union is an optimal currency area. Robert A. Mundell is usually seen as the theorist behind the Optimum Currency Area theory. He defines an optimal currency area as “a domain within which exchange rates are fixed.” (177). Susan Senior Nello uses the Optimum Currency Area theory’s criteria whether the European Union is an optimal currency area and addresses what the advantages and disadvantages of being part of a Monetary Union are.

The book is logically structured. Chapter one starts with just the plain definitions and bas...


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...y Fixed Exchange Rates: Recent Experiences." Introduction to International Economics. New York: Palgrave Macmillan, 2011. 368. Print.
Kiss, Elinda Fishman. "Chapter 14 Optimum Currency Area: Euro as a Practical Paradigm." Ed. Dilip K. Ghosh and Mohamed Ariff. Global Financial Markets: Issues and Strategies. Westport, CT: Praeger, 2004. N. pag. Print.
Mongelli, Fransesco P. European Economic Andmonetary Integration and the Optimum Currency Area Theory. Rep. no. 302. N.p.: European Communities, 2008. Print.
Mundell, Robert A. "A Theory of Optimum Currency Areas." The American Economic Review 51.4 (1961): 657-65. Print.
Senior Nello, Susan. "The European Union: Economics, Policy and History - Susan Senior Nello - McGraw-Hill Education." The European Union: Economics, Policy and History - Susan Senior Nello - McGraw-Hill Education. McGraw - Hill, n.d. Web. 03 Mar. 2014.



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