EMU is Dead: Long Live EMU!

Abstract

When the first edition of this book was published in early 2010 it was still far from evident that a jury (made up of citizens from across the euro-zone, appropriately chosen so as to be representative of diversity) would sustain any of the prosecutor’s indictments against EMU and the ECB. And a final catch-all indictment in the form ‘it would have been better if EMU had never existed’ stood hardly any chance of being upheld. Now, two years on, there is a much greater likelihood that a jury would deliver a guilty verdict, though much would still depend on the power of advocacy used by both sides. There are many floating half-credible hypotheses and prejudices out there which the defence lawyers (for EMU and the ECB) could use to sway the jury.