CFS Lecture: Jesús Huerta de Soto
Speaker: Jesús Huerta de Soto
Title: An Austrian Defense of the Euro
Professor Huerta de Soto sees substantial value in saving the euro because of its capacity to discipline extravagant politicians as well as economic pressure groups. He identifies our present monetary system, with a pro-active central bank and fractional reserve banking, as the cause for economic instability. In particular, he criticizes the ECB for not having managed to isolate and protect Europe from the great expansion of liquidity (and credit) orchestrated on a worldwide scale by the US Federal Reserve, beginning in 2001. Conversely, if the ECB strictly adhered to its mandate it could act as an effective catalyst for economic adjustment as well as fostering economic stability.
Jesús Huerta de Soto, professor of economics at King Juan Carlos University, is Spain's leading Austrian economist. As an author, translator, publisher, and teacher, he also ranks among the world's most active ambassadors for classical liberalism. He is the author ofMoney, Bank Credit, and Economic Cycles as well as Socialism, Economic Calculation and Entrepreneurship (Edward Elgar 2010), The Austrian School (Edward Elgar 2008) and The Theory of Dynamic Efficiency (Routledge 2009). He is this year’s recipient of the Hayek Medal of the Friedrich A. von Hayek-Gesellschaft.