and aligned, particularly when the threat to full employment and price stability is "from below," and that the macroeconomic policy framework needs to be reformed to enable that. Sheard has argued that monetary union without fiscal union in the euro area is unsustainable, describing the architecture of the euro area at the time of the sovereign debt crisis as akin to putting countries, when hit by a sudden loss of aggregate demand, in a "macroeconomic vice," and that a steady-state solution must involve "either less monetary union or more fiscal union." Sheard identifies the fundamental problem with the economic and political architecture of the European Union as being the "selective sharing of sovereignty," viewing Brexit as being as much about the future of the EU as about the UK's relationship with the EU. Long a critic of the Bank of Japan's monetary policy communication and action, Sheard has been a strong supporter of the Bank's April 2013 policy shift under Governor Haruhiko Kuroda, describing it as the monetary policy equivalent of a Copernican Revolution. Education Sheard received a Bachelor of Arts (Honours in Japanese and Geography) from Monash University (1981) and a PhD in Japanese Economy (1986) and Master of Economics (1988) from the ANU. Awards and recognition Sheard's 1981 undergraduate thesis was awarded the Institute of Australian Geographers’ Honours Thesis of the Year. His 1997 book in Japanese, Mein Banku Shihon Shugi no Kiki (The Crisis of Main Bank Capitalism), published by Toyo Keizai Shinposha, was awarded the 1998 Suntory Gakugei Prize in the Economics-Politics Section. In 2006, Sheard was recognized by Advance as one of 100 Leading Global Australians. In May 2019, Monash University conferred an honorary Doctor of Laws on Sheard. Books The Power of Money: How Governments and Banks Create Money and Help Us All Prosper, Matt Holt Books, 2023, International Adjustment and the Japanese Firm (editor), Allen & Unwin, 1991, Japanese Firms, Finance, and Markets (editor), Addison Wesley Longman, 1996, Mein banku shihon shugi no kiki: biggu ban de kawaru Nihongata keiei (The Crisis of Main Bank Capitalism: How Japanese-style Management Will Change with "Big Bang") (in Japanese), Toyo Keizai Shinposha,1997, Kigyo mega saihen: Shin Nihongata shihon shugi no maku ake (Corporate Mega Restructuring: The Curtain Opens on a New Japanese Capitalism) (in Japanese), Toyo Keizai Shinposha, 2000, References 1954 births Living people Australian economists Academic staff of Osaka University Stanford University faculty