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Rotten Heart of Europe: The Dirty War for Europe's Money Paperback – November 1, 1997

4.9 out of 5 stars 21 customer reviews

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About the Author

Bernard Connolly, born in Manchester in 1949. He worked for many years in the European Commission, becoming head of the unit responsible for analysis of the European Monetary System. The Wall Street Journal Europe named him as one of its outstanding Europeans of the year, 1995. Mark Carney, governor of the Bank of Canada, identified him as one of only a handful of economists to have accurately predicted the crisis. Derek Scott, economic adviser to Tony Blair, said of him that he understood the macroeconomic issues facing the world "better than any economist on the planet". As CEO of Connolly Insight, LP, Bernard Connolly now lives in New York. --This text refers to an out of print or unavailable edition of this title.
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Product Details

  • Paperback: 432 pages
  • Publisher: Faber & Faber (November 1, 1997)
  • Language: English
  • ISBN-10: 057117521X
  • ISBN-13: 978-0571175215
  • Product Dimensions: 7 x 2 x 10 inches
  • Shipping Weight: 1.1 pounds
  • Average Customer Review: 4.9 out of 5 stars  See all reviews (21 customer reviews)
  • Amazon Best Sellers Rank: #1,696,327 in Books (See Top 100 in Books)

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Customer Reviews

Top Customer Reviews

Format: Hardcover
Review of The Rotten Heart of Europe: the dirty war for Europe's money, by Bernard Connolly, Faber & Faber, 1995, £17.50.
THIS BRILLIANT book is a devastating exposure of the pretensions of those who want to rule Europe. It shows that the attempts to achieve monetary and economic union, and consequently political union, are bad for us. They will not bring monetary stability, economic growth or political harmony. Instead they will destabilise currencies, reduce growth and promote hatred between the nations of Europe.
Economic and Monetary Union (EMU) is supposed to build on the experience of the Exchange Rate Mechanism (ERM). Britain's membership of the ERM forced us into a disastrous and quite unnecessary recession. After two years of suffering, Major said in July 1992 that Britain would soon be the leader of the ERM. Two months later, we were well out of it, and ERM had bermbed, as Jacques Clouseau, Major's mentor, would say.
ERM constrained British Government policy on non-monetary matters too. The Government appeased Spain over the fishing dispute to keep Spain happy about the sterling/peseta rate. So the Common Fisheries Policy, so damaging to Britain's fishing industry, is not an isolated EU aberration: it stems from the whole logic of economic and monetary union.
The ERM was described as the Eternal Recession Mechanism; EMU is likely to be Even More Useless. The ERM kept the poor countries poor; it did not help them to converge; it certainly did not help them to meet the Maastricht criteria. Spain's experience of ERM was catastrophic: 22% unemployed. The ERM forced Denmark into recession: unemployment doubled to 12%, the budget was slashed, and investment, output and wages all fell. In the ERM, Ireland's unemployment soared from 11% to 23%.
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Format: Paperback
Bernard Connelly has written the consummate "expose" on the Maastricht treaty and the process of European monetary integration. Connelly, a former member of the European Commission, blows the lid off the Maastricht treaty and the intransigence of Jaques Delors and the Kohl-Mitterand relationship, which led to the European Monetary Union (EMU) provisions in Maastricht. This is at heart story of the politics of monetary policy, especially the failed Exchange Rate Mechanism (ERM), with three primary themes: the primacy of politics in determining monteray policy, the role of "vision" and "ideology" in determining policy, and the comedy of errors which was the ERM. One should not let the economics of this book prevent them from reading it. At heart, this is a great story and has the intrigue of the best historical novel. Connelly has written a factual tale containing a heroine (Baroness Thatcher), villians (Delors, Kohl, Trichet, Mitterand, Tietmeyer), and Alphandery, the innocent whistle-blower who brings the ERM crashing down. Connelly provides any reader interested in knowing about the lunacy of European monetary integration just why this idea is flawed, and provides economic evidence to defend his primary arguments. Among the more important and convincing conclusions reached in this work are: the necessity of flexible exchange rates, the inherent negatives of Europhilism (and especially Franco-philism, since "Europe" is seen as way to prevent the rise of "Anglo-Saxon" institutions), and the belief in free, competitive markets. A final comment one feels obligated to make about this book is its timeliness, and his villification of France, which is supported by following the recent row over the control of the European Central Bank. If one wants to read one book on why the EMU was really founded, and why it won't work-this is the book.
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By A Customer on October 23, 2000
Format: Paperback
Bernard Connolly was fired by the European bureaucrats after this book came out. If you read this book you will understand why. This book has all the detail you could ask for. It is an incredible expose of the events leding up to European Monetary Union.
If you support the European Community, reading this book will change your mind -- if you dare read it.
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Format: Paperback Verified Purchase
Uncovers the deceptiveness of the EU and the Euro. History will come to recognize this work as a warning, though the warning is not favored by Europhiles or those in Brussels with
vested interests.
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By A Customer on March 21, 1999
Format: Paperback
Excellent work. The reality at the core of all the pomp-and-circumstance surrounding EMU. Read it and be wiser.
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Format: Kindle Edition Verified Purchase
This book was essentially written 18 years ago, but reads as if it could have been written yesterday. It's foretelling of the future of Europe is very similar in nature to Keynes' Economic Consequences of the Peace concerning the Treaty of Versailles. Both were essentially seen as heretics at their respective times, but turned out to be stunningly accurate.
Anyway, this book essentially spans the mid 70's to mid 90's and describes the folly of Europe attempting to unify behind a common currency without a political union.
Well worth the read.
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Format: Kindle Edition Verified Purchase
Those, like myself, whose education was focused on science and mathematics, are probably as confused as I have been about modern Europe and the condition it is in. On a daily basis, we are deluged with bad news about monetary crises, unemployment, politicians and technocrats spouting endless gibberish about how to fix the mess.
Until I happened to see Mr. Connolly being interviewed on a business-news channel recently, I had no interest in trying to learn anything about why Europe is in a mess. But, in just a few moments, his clear and simple answers to basic questions, plus his articulate discussion of the historical backdrop made me want to read his book.
Readability? I could not have imagined how so dry a subject could spring to life - even to a skeptic like myself!
If you are confused, ignorant, but CURIOUS about modern Europe - this is truly a "Must Read"!
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