Eurobondage

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Focusing on the political implications of monetary union, the book analyzes how Iceland, Latvia, Hungary, and Ireland navigated their monetary policies during the financial crisis. It challenges the notion that small European states lack autonomy, demonstrating that they prioritized domestic needs over international market pressures. In contrast, Eurozone members catered to international lenders, often at the expense of their citizens. The work highlights the significant sacrifices made by states in adopting a suboptimal currency area, revealing the hidden political costs of monetary union in Europe.