Veo que el Mises Institute ha publicado un libro recién salido del horno, de Philipp Bagus, titulado La Tragedia del Euro (.pdf del libro completo). Cuenta con un prefacio de Huerta de Soto. Difícilmente podría ser un tema de más actualidad. Copio algún fragmento del prefacio de Huerta:

Maybe one of the beneficial effects of the Euro has been to push all of the EMU toward the path of austerity. In fact, I have argued before that the single currency is a step in the right direction as it fixes exchange rates in Europe and thereby ends monetary nationalism and the chaos of flexible fiat exchange rates manipulated by governments, especially, in times of crisis.

Pero Bagus no es, ni fue optimista respecto a la unión monetaria:

My dear colleague Philipp Bagus has challenged me on my rather positive view on the Euro from the time when he was a student in my class, pointing correctly to the advantages of currency competition. His book, The Tragedy of the Euro, may be read as an elaborated exposition of his arguments against the Euro. While the single currency does away with monetary nationalism in Europe from a theoretical point of view, the question is: just how stable is the single currency in actuality? Bagus deals with this question from two angles, providing at the same time the two main achievements and contributions of the book: a historical analysis of the origins of the Euro and a theoretical analysis of the workings and mechanisms of the Eurosystem.

Según su análisis histórico:

Considering the political interests, dynamics and circumstances that led to the introduction of the Euro, it becomes clear that the Euro might in fact be a step in the wrong direction; a step towards a pan-European inflationary fiat currency aimed to push aside limits that competition and the conservative monetary policy of the Bundesbank had imposed before.

Según el punto de vista teórico:

The Eurosystem is unmasked as a self-destroying system that leads to massive redistribution across the EMU, with incentives for governments to use the ECB as a device to finance their deficits. He shows that the concept of the Tragedy of the Commons is also applicable to the Eurosystem, where different European governments can exploit the value of the single currency.

Algunas de las opiniones de Bagus sobre este tema pueden leerse en la entrevista que le hice para Libertad Digital: leer aquí.

Una visión más positiva sobre el Euro la ha sostenido Rallo en algunos de sus artículos, como: ¿Habríamos estado mejor sin el euro?