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The Break-Up of the Eurozone?

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  • Bill Lucarelli

Abstract

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.

Suggested Citation

  • Bill Lucarelli, 2012. "The Break-Up of the Eurozone?," The Economic and Labour Relations Review, , vol. 23(4), pages 25-38, November.
    • Handle: RePEc:sae:ecolab:v:23:y:2012:i:4:p:25-38
    DOI: 10.1177/103530461202300403
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    References listed on IDEAS

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    1. C. J. Polychroniou, 2012. "The Mediterranean Conundrum: The Link between the State and the Macroeconomy, and the Disastrous Effects of the European Policy of Austerity," Economics Public Policy Brief Archive ppb_124, Levy Economics Institute.
    2. Palley,Thomas I., 2013. "From Financial Crisis to Stagnation," Cambridge Books, Cambridge University Press, number 9781107612464, January.
    3. Thomas Palley, 2011. "The European Monetary Union Needs a Government Banker," Challenge, Taylor & Francis Journals, vol. 54(4), pages 5-21.
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