[...]... taxation and get rid of tax competition In the current sovereign debt crisis, the Euro, the only means le for the socialists to strengthen their case and achieve their central state, is at stake It is, therefore, far from the truth that the end of the Euro would mean the end of Europe or the European idea; it would be just the end of the socialist version of it  More on the history of the Euro can be found... 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 Both analyses point in the same direction In the historical analysis, Bagus deals with the origins of the Euro and the ECB He uncovers the interests of national governments, politicians and bankers in a similar way that Rothbard does in relation to the origin of. .. O Two Visions for Europe T V  E ere has been a fight between the advocates of two different ideals from the beginning of the European Union Which stance it should adopt: the classical liberal vision, or the socialist vision of Europe? e introduction of the Euro has played a key role in the strategies of these two visions. In order to understand the tragedy of the Euro and its history,... Tragedy of the Commons, which I have applied to the case of fractional reserve banking, is also applicable to the Eurosystem, where different European governments can exploit the value of the single currency I am glad that this book is being made available to the public by the Mises Institute e future of Europe and the world depends on the understanding of the monetary theory and the workings of monetary... Why the Euro is a Mistake and Why it will Fail,” in e Price of the Euro, ed Jonas Ljundberg, (New York: Palgrave MacMillan, ), p ) Similarly Roland Vaubel writes on the effects of the Euro: “European Monetary Union is the stepping stone for the centralization of many other economic policies and, ultimately, for the founding of a European state.” (Roland Vaubel, “A Critical Analysis of EMU and of. .. competition His book, e 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 x e Tragedy of the Euro single currency in actuality? Bagus deals with this question from two angles, providing at the same time the two main achievements... first intervention of governments into money was the monopolization of the mint; then came coin clipping Governments would collect existing coins, melt them and reduce the content of precious metal in them, and cash in on the difference Profits made from the monopoly of the mint and reducing the quality of existing coins were considerable and turned the aention of government to the area of money But coin... one minister of each member state and should not be confused with the European Council e European Council is composed of the President of the “Council of Ministers,” the President of the Commission, and one representative per member state e European Council gives direction to the EU by defining the policy agenda  ese important birth defects reduce the credit given to the founding fathers such as... Roland Vaubel, “e Role of Competition in the Rise of Baroque and Renaissance Music,” Journal of Cultural Economics  (): pp –, argues that the rise of Baroque and Renaissance music in Germany and Italy resulted from the decentralization of these countries and the resulting competition  e Tragedy of the Euro In this ideal, the center of the Empire would rule over the periphery ere would... by the adherents of the socialist vision to create new institutions (such as the European Central Bank (ECB) or possibly, in the future, a European Ministry of Finance), as well as to extend the powers of existing institutions such as the European Commission or the ECB.,  e classical liberal and the socialist visions of Europe are, consequently, irreconcilable In fact, the increase in power of a . 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. alt="" THE TRAGEDY OF THE EURO THE TRAGEDY OF THE EURO By Philipp Bagus Ludwig von Mie Intitute A U B U R N , A L A B A M A Copyright ©  by the Ludwig