Abstract
Charles Kindleberger’s work provides a particularly useful starting point for examining the external relations of the euro area and the prospects for the international monetary system. In The World in Depression, 1929-1939, he laid the lion’s share of responsibility for the economic disaster of the 1930s at the feet of hegemony lost. Great Britain had lost its position as international economic hegemon and the United States was as yet unwilling to fill the vacuum. This left no major power both willing and able to serve as lender of last resort, maintain a stable flow of investment capital and absorb distress exports (Kindleberger, 1973).
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Henning, C.R. (2000). External Relations of the Euro Area. In: Mundell, R., Clesse, A. (eds) The Euro as a Stabilizer in the International Economic System. Springer, Boston, MA. https://doi.org/10.1007/978-1-4615-4457-9_3
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DOI: https://doi.org/10.1007/978-1-4615-4457-9_3
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