The Economics of European Integration, 7th Edition
Richard Baldwin, Charles Wyplosz
Print: 9781526849434/ Ebook: 9781526849441
With the new 7th edition, Richard Baldwin and Charles Wyplosz continue to provide students with an accessible presentation of the facts, theories and controversies that are driving rapid change at the heart of Europe, with crucial updates on the impact of the climate crisis, Brexit and Covid-19 and expert analysis of the contemporary status of integration within the European Union.
Economics of European Integration covers both the microeconomics and macroeconomics of European integration. However it also presents essential background, covering aspects of European history, institutions, laws, politics and policies, to help students develop a deeper understanding of the context.
The book is written at a level that should be accessible to second- and third-year undergraduates in economics as well as advanced undergraduates and graduate students in business, international affairs, European studies and political science. Some knowledge of economics is needed to absorb all the material with ease – a first-year course in the principles of economics should suffice – but the book is self-contained in that it reviews most essential economics behind the analysis.
What's new?
Bringing it up-to-date
The latest data, developments and events, including new discussions and examples such as the new budget which has significant implications on European bonds, immigration, and climate change.
Next Gen EU
With the EU adapting to big changes in the wider global context, the new edition discusses developments like the EU’s Green Deal and how it is evolving the purpose of the union, and the shift to ‘strategic autonomy.’
Factors deepening integration
New chapters highlighting the impact of both Brexit and Covid-19 on the EU. The way in which the EU has responded to crises with greater cooperation and deepening integration is a major theme in the book.
Click here to view a sample chapter
| Part 1: History, Facts and Institutions | Part 4: The Macroeconomics of Monetary Integration |
| 1 History | 13 Essential macroeconomic tools |
| 2 Facts, Law, Institutions and the Budget | 14 Optimum currency areas |
| 3 Decision Making | |
| Part 2: The Microeconomics of European Integration | Part 5: EU Monetary and Fiscal Policies |
| 4 Essential microeconomic tools and tariff analysis | 15 The monetary union: principles and practice |
| 5 The essential economics of preferential liberalisation | 16 Fiscal policy and the Stability Pact |
| 6 Market size and scale effects | 17 The financial markets and the euro |
| 7 Growth effects and factor market integration | 18 The three crises of the Eurozone |
| 8 Economic integration, labour markets and migration | |
| Online Chapters | |
| Part 3: EU Micro Policies | 19 Economics for Covid-19 |
| 9 Common Agricultural Policy | 20 Brexit: Problems and Prospects |
| 10 Location effects, economic geography and regional policy | 21 The history of European monetary integration |
| 11 EU competition and state aid policy | |
| 12 EU trade policy |
Content Changes
- Chapter 1 discusses new developments like the EU’s Green Deal, and the shift to ‘strategic autonomy’, but the manuscript had to be closed before we could include discussion of the Russian war on Ukraine.
- Chapter 8 offers an expanded treatment of migration, which has emerged as a major concern.
- Presentation of the macroeconomic theory in Chapter 13 has been streamlined, better motivated and extended. It now includes a new section that brings the main results together and presents the theory of exchange rate determination. The section on monetary neutrality has been moved in a succinct form to Chapter 15 where it is used to explain different views on monetary policy.
- Chapter 14 is now presented as a history of monetary integration in Europe, which makes full use of the principles developed in Chapter 13. It is designed as a transition between theory and applications developed in subsequent chapters.
- Chapter 15, which presents the optimum currency area (OCA), has been redesigned. It includes the aggregate demand and supply framework that has been requested by many instructors, while making more use of the theory presented in Chapter 13. It presents a thorough discussion of the insurance role of transfers.
- Chapter 17 has been extended to include new developments, including regarding the Stability and Growth Pact and the macroeconomic imbalances procedure.
- A new section has been introduced at the beginning of Chapter 18 to present the explain financial markets using the theory developed in Chapter 13. That theory is also used to explain risk and the variety of interest rates (maturities and riskiness).
Key Features
- Wide range of learning features including boxed examples and illustrations, end of chapter summaries, self-assessment questions and essay questions.
- An Online Learning Centre with Lecture Outlines, PowerPoint Presentations, and an Image Library.
About the authors
Richard Baldwin
Richard Baldwin is Professor of International Economics at the Graduate Institute, Geneva since 1991, a part-time visiting research professor at the University of Oxford from 2012 to 2015, Director/President of CEPR from 2014 to 2018, and Editor-in-Chief of Vox since he founded it in June 2007. He was Co-managing Editor of the journal Economic Policy from 2000 to 2005, Policy Director of CEPR from 2006 to 2017, and Programme Director of CEPR’s International Trade programme from 1991 to 2001. He has previously been a Senior Staff Economist for the President’s Council of Economic Advisors in the Bush Administration (1990–1991), on leave from Columbia University Business School where he was Associate Professor. He did his PhD in economics at MIT with Paul Krugman and has collaborated with him on several occasions. He was visiting professor at MIT in 2002/03 and has taught at universities in Australia, Italy, Germany and Norway. He has also worked as consultant for the numerous governments, the Asian Development Bank, the European Commission, OECD, World Bank, EFTA and USAID. The author of numerous books and articles, his research interests include international trade, globalization, regionalism and European integration.
Charles Wyplosz
Charles Wyplosz is Professor Emeritus of International Economics at the Graduate Institute in Geneva where he also served as Director of the International Centre for Money and Banking Studies. Previously, he has taught at INSEAD and at L’École des hautes études en sciences sociales in Paris. He is a Fellow of CEPR and of the European Economic Association. His main research areas include financial crises, European monetary integration, fiscal policy and regional monetary integration. He is the co-author (with Michael Burda) of the leading textbook Macroeconomics, A European View and has published several books and many professional articles. He serves as consultant to many international organizations and governments and is a frequent contributor to public media. He was a Founding Managing Editor of Economic Policy. A French national, Charles Wyplosz holds degrees in Engineering and in Statistics from Paris and a PhD in Economics from Harvard University.
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