Hostname: page-component-586b7cd67f-tf8b9 Total loading time: 0 Render date: 2024-11-24T08:46:44.268Z Has data issue: false hasContentIssue false
  • English
  • Français

The Break-Up of the Eurozone?

Published online by Cambridge University Press:  01 January 2023

Bill Lucarelli
Bill Lucarelli*
Affiliation:
University of Western Sydney, Australia
Rights & Permissions [Opens in a new window]

Abstract

Core share and HTML view are not available for this content. However, as you have access to this content, a full PDF is available via the ‘Save PDF’ action button.

The euro project is now at the threshold of disintegration as the fault-lines between the core/surplus countries and the peripheral/deficit countries experience a profound rupture. In the absence of political union or fiscal federalism, these centrifugal forces appear to be irreversible. It is difficult to envisage the current system, with its internal contradictions, surviving the crisis that now engulfs the entire eurozone. The present crisis is to a large extent the continuation of the longstanding neoliberal policies favoured by Germany, which have informed the creation of the euro. This article examines the historical context of the debt crisis and the institutional design of this flawed monetary edifice.

Keywords

B5B14B16B23Eurozonefinanceinvestmentmonetary crisisunemployment
Type
Article
Information
The Economic and Labour Relations Review , Volume 23 , Issue 4 , November 2012 , pp. 25 - 38
Copyright
Copyright © The Author(s) 2012

References

Aglietta, M. (2012) ‘The European vortex’, New Left Review, 75, May/June, pp. 33–61.Google Scholar
Arestis, P., Sawyer, M. (2012) ‘Can the euro survive the European crisis?’ in Arestis, P., Sawyer, M. (eds) The Euro Crisis, Palgrave MacMillan, London, pp. 1–21.CrossRefGoogle Scholar
Arestis, P., Sawyer, M. (2012) (eds) The Euro Crisis, Palgrave MacMillan, London.CrossRefGoogle Scholar
Arestis, P., Sawyer, M. (2011) ‘The ongoing Euro crisis’ Challenge, 54(6), Nov/Dec, pp. 6–13.CrossRefGoogle Scholar
Blackburn, R. (2011) ‘Crisis 2.0’, New Left Review, 72, Nov/Dec, pp. 33–61.Google Scholar
Christie, R. (2012) ‘Banker jitters as deadline looms’, Australian Financial Review, 9 March, p. 16.Google Scholar
De Grawe, P. (2010) A mechanism of self-destruction of the eurozone,’ CEPS Commentary, (9/9/2010), Centre for European Policy Studies, Brussels.Google Scholar
Farrell, H., Quiggin, J. (2011) ‘How to save the euro and the EU: Reading Keynes in Brussels’, Foreign Affairs, 9(3), May/June, pp. 96–103.Google Scholar
Ferreiro, J., Serrano, A. (2012) ‘The economic crisis in Spain: Contagion effects and distinctive factors’ in Arestis, P., Sawyer, M. (eds) The Euro Crisis Palgrave MacMillan, London, pp. 240–268.Google Scholar
Finn, D. (2011) ‘Ireland on the turn?’, New Left Review, 67, Jan/Feb, pp. 5–39.Google Scholar
Hein, E., Truger, A., Van Treek, T. (2012) ‘The European financial and economic crisis: Alternative solutions from a (post-) Keynesian perspective’ in Arestis, P., Sawyer, M. (eds) The Euro Crisis, Palgrave MacMillan, London, pp. 35–79.CrossRefGoogle Scholar
James, H. (2009) The Creation and Destruction of Value: The Globalization Cycle, Harvard University Press, Cambridge MA and London.Google Scholar
Karagiannis, N., Kondeas, A. J. (2012) ‘The Greek financial crisis and the developmental path to recovery: Lessons and options’, Real World Economics Review, 60, pp. 54–72.Google Scholar
Kitromolides, Y. (2012) ‘The Irish tragedy’ in Arestis, P., Sawyer, M. (eds) The Euro Crisis Palgrave MacMillan, London, pp. 159–195.CrossRefGoogle Scholar
Kouvelakis, C. (2011) ‘The Irish cauldron’, New Left Review, 72, Nov/Dec, pp. 17–32.Google Scholar
Lapavitsas, C., Kaltenbrunner, A., Lindo, D., Meadway, J., Mitchell, J., Painceira, J. P., Pires, J., Powell, A., Seniors, A., Teles, N., Vatikiotis, L. (2011) ‘The Eurozone between austerity and default’, Research in Money and Finance, Occasional Report 3, November, Department of Money and Finance, School of Oriental and African Studies (SOAS), University of London, London.Google Scholar
Lapavitsas, C. (2012) ‘For its own sake, Greece needs to declare default’, Sydney Morning Herald, (25 January 2012).Google Scholar
Lead, P., Palacio-Vera, A. (2012) ‘Portugal’s best way out of economic stagnation: Institutional reform of the euro zone’ in Arestis, P., Sawyer, M. (eds) The Euro Crisis, Palgrave MacMillan, London, pp. 195–234.Google Scholar
Lucarelli, B. (2004) ‘European Monetary Union: A Neoliberal trojan horse?’, Contributions to Political Economy, 23, pp. 81–93.CrossRefGoogle Scholar
Lucarelli, B. (2012) ‘German neo-mercantilism and the European sovereign debt crisis’, Journal of Post Keynesian Economics, 34(2), pp. 205–225.CrossRefGoogle Scholar
McArthur, J. L. (2011) ‘Mortgaging Irish independence’, Monthly Review, 62(10), pp. 40–49.Google Scholar
Milios, J., Sotiropoulos, D. P. (2010) ‘Crisis of Greece or crisis of the euro?: A view from the European “periphery’”, Journal of Balkan and Near Eastern Studies, 12(3), September, pp. 223–240.CrossRefGoogle Scholar
Milward, A. S. (1992) The European Rescue of the Nation-State, Routledge, London.Google Scholar
Norfield, T. (2012) ‘Derivatives and capitalist markets: The speculative heart of capital’, Historical Materialism, 20(1), pp. 103–132.CrossRefGoogle Scholar
Palley, T. (2012) From Financial Crisis to Stagnation, Cambridge University Press, New York.CrossRefGoogle Scholar
Palley, T. (2011) ‘The European Monetary Union needs a government banker,’ Challenge, July/August, pp. 5–21.CrossRefGoogle Scholar
Papadimitrou, D. B., Wray, R. L. (2012) ‘The euroland’s original sin’, Policy Note 2012/8, Levy Economics Institute of Bard College, New York.Google Scholar
Pitellis, C. N. (2012) ‘On PIIGS, GAFFS, and BRICS: An insider-outsider’s perspective on structural and institutional foundations of the Greek crisis’, Contributions to Political Economy, 31, pp. 77–89.CrossRefGoogle Scholar
Polychroniou, C. J. (2012) ‘The mediterranean conundrum: The link between the state and the macroeconomy, and the disastrous effects of the European policy of austerity’, Policy Brief No. 124, Levy Economics Institute of Bard College, New York.Google Scholar
Soros, G. (2012) Financial Turmoil in Europe and the United States, Public Affairs Books, New York.Google Scholar