A timely account of the Euro crisis that challenges our assumptions about debt and economic recovery Originally conceived as part of a unifying vision for Europe, the euro is now viewed as a millstone around the neck of a continent crippled by vast debts, sluggish economies, and growing populist dissent. In Europe's Orphan, leading economic commentator Martin Sandbu presents a compelling defense of the euro. He argues that rather than blaming the euro for the political and economic failures in Europe since the global financial crisis, the responsibility lies firmly on the authorities of the eurozone and its member countries. The eurozone's self-inflicted financial calamities and economic decline resulted from a toxic cocktail of unforced policy errors by bankers, politicians, and bureaucrats; the unhealthy coziness between finance and governments; and, above all, an extreme unwillingness to restructure debt. Sandbu traces the origins of monetary union back to the desire for greater European unity after the Second World War. But the euro’s creation coincided with a credit bubble that governments chose not to rein in. Once the crisis hit, a battle of both ideas and interests led to the failure to aggressively restructure sovereign and bank debt. Ideologically informed choices set in motion dynamics that encouraged more economic mistakes and heightened political tensions within the eurozone. Sandbu concludes that the prevailing view that monetary union can only work with fiscal and political union is wrong and dangerous—and risks sending the continent into further political paralysis and economic stagnation. Contending that the euro has been wrongfully scapegoated for the eurozone’s troubles, Europe’s Orphan charts what actually must be done for the continent to achieve an economic and political recovery. This revised edition contains a new preface addressing the economic and political implications of Brexit, as well as updated text throughout. Europe’s Orphan charts what actually must be done for the continent to achieve a full recovery.

A timely account of the Euro crisis that challenges our assumptions about debt and economic recovery Originally conceived as part of a unifying vision for Europe, the euro is now viewed as a millstone around the neck of a continent crippled by vast debts, sluggish economies, and growing populist dissent. In Europe's Orphan, leading economic commentator Martin Sandbu presents a compelling defense of the euro. He argues that rather than blaming the euro for the political and economic failures in Europe since the global financial crisis, the responsibility lies firmly on the authorities of the eurozone and its member countries. The eurozone's self-inflicted financial calamities and economic decline resulted from a toxic cocktail of unforced policy errors by bankers, politicians, and bureaucrats; the unhealthy coziness between finance and governments; and, above all, an extreme unwillingness to restructure debt. Sandbu traces the origins of monetary union back to the desire for greater European unity after the Second World War. But the euro’s creation coincided with a credit bubble that governments chose not to rein in. Once the crisis hit, a battle of both ideas and interests led to the failure to aggressively restructure sovereign and bank debt. Ideologically informed choices set in motion dynamics that encouraged more economic mistakes and heightened political tensions within the eurozone. Sandbu concludes that the prevailing view that monetary union can only work with fiscal and political union is wrong and dangerous—and risks sending the continent into further political paralysis and economic stagnation. Contending that the euro has been wrongfully scapegoated for the eurozone’s troubles, Europe’s Orphan charts what actually must be done for the continent to achieve an economic and political recovery.

A timely account of the Euro crisis that challenges our assumptions about debt and economic recovery Originally conceived as part of a unifying vision for Europe, the euro is now viewed as a millstone around the neck of a continent crippled by vast debts, sluggish economies, and growing populist dissent. In Europe's Orphan, leading economic commentator Martin Sandbu presents a compelling defense of the euro. He argues that rather than blaming the euro for the political and economic failures in Europe since the global financial crisis, the responsibility lies firmly on the authorities of the eurozone and its member countries. The eurozone's self-inflicted financial calamities and economic decline resulted from a toxic cocktail of unforced policy errors by bankers, politicians, and bureaucrats; the unhealthy coziness between finance and governments; and, above all, an extreme unwillingness to restructure debt. Sandbu traces the origins of monetary union back to the desire for greater European unity after the Second World War. But the euro’s creation coincided with a credit bubble that governments chose not to rein in. Once the crisis hit, a battle of both ideas and interests led to the failure to aggressively restructure sovereign and bank debt. Ideologically informed choices set in motion dynamics that encouraged more economic mistakes and heightened political tensions within the eurozone. Sandbu concludes that the prevailing view that monetary union can only work with fiscal and political union is wrong and dangerous—and risks sending the continent into further political paralysis and economic stagnation. Contending that the euro has been wrongfully scapegoated for the eurozone’s troubles, Europe’s Orphan charts what actually must be done for the continent to achieve an economic and political recovery. This revised edition contains a new preface addressing the economic and political implications of Brexit, as well as updated text throughout. Europe’s Orphan charts what actually must be done for the continent to achieve a full recovery.

In a world dominated by poverty, a central characteristic has been the plight of orphans and abandoned children. Over the centuries, State, Church and individuals have all attempted to tackle the issue, but can we trace any change over the course of time when it comes to the welfare system intended for these disadvantaged children and acts of philanthropy? What kind of social policies did States follow and what were the main differences between countries and regions? Drawing on historical evidence across several centuries and a range of European countries, the contributors to this volume provide a transnational overview.

Born in Taiwan, raised in the scholarly traditions of ancient China but forced into the Japanese educational system, Hu Taiming, the protagonist of Orphan of Asia, ultimately finds himself estranged from all three cultures. Taiming eventually makes his mark in the colonial Japanese educational system and graduates from a prestigious college. However, he finds that his Japanese education and his adoption of modern ways have alienated him from his family and native village. He becomes a teacher in the Japanese colonial system but soon quits his post and finds that, having repudiated his roots, he doesn't seem to belong anywhere. Thus begins the long journey for Taiming to find his rightful place, during which he is accused of spying for both China and Japan and witnesses the effects of Japanese imperial expansion, the horrors of war, and the sense of anger and powerlessness felt by those living under colonial rule. Zhuoliu Wu's autobiographical novel is widely regarded as a classic of modern Asian literature and a groundbreaking expression of the postwar Taiwanese national consciousness.

The Orphan: A Journey to Wholeness addresses loneliness and the feeling of being alone in the world, two distinct characteristics that mark the life of an orphan. Regardless if we have grown up with or without parents, we are all too likely to meet such experiences in ourselves and in our daily encounters with others. With numerous case examples, Dr. Punnett describes how loneliness and the feeling of being alone tend to be repeated in later relationships and may eventually lead to states of anxiety and depression. The main purpose of this book is not to just stay within the context of the literal orphan, but also to explore its symbolic dimensions in order to provide meaning to the diverse experiences of feeling alone in the world. In accepting the orphan within, we begin to take responsibility for our own unique life journey, a privileged journey in which one can at some point in time say with pride, I am an orphan.

In a world dominated by poverty, a central characteristic has been the plight of orphans and abandoned children. Over the centuries, State, Church and individuals have all attempted to tackle the issue, but can we trace any change over the course of time when it comes to the welfare system intended for these disadvantaged children and acts of philanthropy? What kind of social policies did States follow and what were the main differences between countries and regions? Drawing on historical evidence across several centuries and a range of European countries, the contributors to this volume provide a transnational overview.