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It now seems to be a given that the principles that presided over the birth of liberalism and capitalism are no longer relevant. To understand the evolution of this ideology and economic system, Liberalism and Capitalism Today examines the work of the two authors who have contributed the most to the analysis of the conditions that lead to the emergence of these types of organization: Alexis de Tocqueville of France and Max Weber of Germany. This book thus analyzes how the evolution of the general environment of a civilization leads to the emergence of new ways of approaching economic life, and then to its development, thanks to innovations in many fields. This historical perspective makes it possible to understand the transformations that liberalism and capitalism could offer. It suggests a potential path that does not involve simply returning to a way of life that has been totally altered by the evolution of civilizations and the economy, but instead leads to a more peaceful way of living in most countries of the world.

The advent of the euro was a revolution for the 340 million people who exchanged their former currencies - considered a fundamental element of national sovereignty - for this new single currency.Encouraged by some who believe that its introduction gives more cohesion and strength to Europe in an increasingly globalized economy, the euro is criticized by others who believe that the constraints it imposes are a source of austerity and favor northern European countries at the expense of countries in the south.The Future of the Euro Currency traces the evolution of the monetary policy which the European Central Bank instituted at a time when economic, monetary and financial crises were legion. The book presents, as objectively as possible, the advantages and disadvantages of this new currency, while considering the improvements that could promote its durability.

L'avènement de l'euro a constitué une véritable révolution pour les 340 millions d'habitants qui ont été amenés à abandonner leur monnaie – considérée comme un élément fondamental de la souveraineté nationale – pour cette monnaie unique.Encensé par certains qui estiment que son avènement permet de donner davantage de cohésion et de force à l'Europe dans une économie de plus en plus mondialisée, l'euro est décrié par d'autres qui considèrent que les contraintes auxquelles il conduit sont source d'austérité et favorisent les pays du Nord de l'Europe au détriment des pays du Sud.L'avenir de l'euroretrace l'évolution de la politique monétaire à laquelle a dû se soumettre la Banque centrale européenne dans une période où les crises économiques, monétaires et financières ont été légion. L'ouvrage s'efforce de présenter, de la manière la plus objective possible, les avantages et les inconvénients de cette nouvelle monnaie, tout en envisageant les améliorations qui peuvent favoriser sa pérennité.

L'avènement de l'euro a constitué une véritable révolution pour les 340 millions d'habitants qui ont été amenés à abandonner leur monnaie - considérée comme un élément fondamental de la souveraineté nationale - pour cette monnaie unique.Encensé par certains qui estiment que son avènement permet de donner davantage de cohésion et de force à l'Europe dans une économie de plus en plus mondialisée, l'euro est décrié par d'autres qui considèrent que les contraintes auxquelles il conduit sont source d'austérité et favorisent les pays du Nord de l'Europe au détriment des pays du Sud.L'avenir de l'euro retrace l'évolution de la politique monétaire à laquelle a dû se soumettre la Banque centrale européenne dans une période où les crises économiques, monétaires et financières ont été légion. L'ouvrage s'efforce de présenter, de la manière la plus objective possible, les avantages et les inconvénients de cette nouvelle monnaie, tout en envisageant les améliorations qui peuvent favoriser sa pérennité.

The development of credit and cashless money led to an expansion of commercial banks and a need for an institution that ensured both centralization (“clearing”) and the security of payment systems and the rescuing of credit institutions when necessary. Today, monetary policy is the main function of any central bank, since the issuance of banknotes is now only marginal, and lending is exceptional as a last resort. The Mundell principle implies that the body in charge of a particular policy is given the task of achieving an intermediate objective, applying the tools for which it has a comparative advantage. In the case of institutional dependence, it is logical for governments to directly act on the decisions of monetary authorities, particularly with regard to changes in interest rates that have a significant effect on public borrowing. The key factor in central bank independence is often presented as the prohibition of state deficits on central bank financing.

Each country's monetary standard corresponded to a fixed weight of gold. The exchange rate between two currencies was determined by the weight of each currency in gold and remained stable, within narrow limits, called the “gold points”. The International Monetary Fund (IMF) was established on 27 December 1945 to promote international monetary cooperation, ensure exchange stability, facilitate the expansion and balanced growth of international trade, contribute to a high level of employment, economic stability and reduce poverty. The European Monetary Institute (EMI) was responsible for strengthening coordination between central banks and preparing for the creation of the European System of Central Banks (ESCB). It carried out simulations of systems and procedures during the second quarter of 1998 on monetary and exchange rate relations between the euro zone and the other countries of the Economic Union, within the deadlines that had been set.

The European Central Bank, which succeeded the European Monetary Institute, was required to take all the exogenous elements into account in order to continue to fulfill the role and objectives that the Maastricht Treaty had set for the authorities responsible for managing the single currency. Despite that, the objective of maintaining price stability has remained unchanged and the two pillars on which monetary policy is based also remain unchanged. The changeover to the euro was done in a satisfactory manner, despite widespread skepticism about the introduction of this new currency, from both the public as well as politicians and experts. The European Central Bank's liquidity provision to credit institutions through its refinancing tools corresponds to the algebraic sum of two categories of bank liquidity factors: autonomous factors and reserve requirements. The objective of liquidity provision measures by the various refinancing methods at the request of credit institutions was to maintain control over short‐term interest rates.

The consequences of the policy pursued by the monetary authorities of the Eurosystem are both monetary and economic. Monetary consequences are of interest to both the European Central Bank itself, which can be seen from the evolution of its balance sheet, and the environment of the euro zone. The Eurosystem holds the currencies of its Member States, and the European Central Bank and the national central banks manage them. The European Systemic Risk Board (ESRB) is responsible for the macro‐prudential and micro‐prudential supervision of the European Union's financial system. The expectations of the euro zone population on the economic consequences of the European Central Bank's action are such that it is necessary to question the real effects of the policy pursued by monetary authorities. The economic area in which the introduction of the single currency was not able to withstand the financial crisis of the late 2000s is, without a doubt, that of public finances.