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The Economic and Monetary Union: Past and Present Failures and some Future Possibilities

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  • Malcolm Sawyer

    (University of Leeds, UK)

Abstract

The Economic and Monetary Union was constructed on poor foundations which sought to impose inappropriate macroeconomic policies. This construction did not pay heed to the differences between countries with regard to their economic position and interests nor to the institutional and historical differences. The EMU was faltering before the financial crisis which highlighted and added to the problems of EMU. The neo- and ordo-liberal constraints on policy and policy reform are indicated. The outline of a policy agenda for prosperity in EMU is given.

Suggested Citation

  • Malcolm Sawyer, 2016. "The Economic and Monetary Union: Past and Present Failures and some Future Possibilities," World Economic Review, World Economics Association, vol. 2016(6), pages 1-31, February.
    • Handle: RePEc:wea:worler:v:2016:y:2016:i:6:p:31
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    File URL: http://wer.worldeconomicsassociation.org/files/WEA-WER-6-Sawyer.pdf
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    References listed on IDEAS

    as
    1. Philip Arestis & Malcolm Sawyer, 2013. "Economic and Monetary Union Macroeconomic Policies," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-137-31789-6, March.
    2. repec:oup:copoec:v:32:y::i:1:p:11-27 is not listed on IDEAS
    3. Hein, Eckhard, & Mundt, Matthias., 2012. "Financialisation and the requirements and potentials for wage-led recovery : a review focussing on the G20," ILO Working Papers 994709323402676, International Labour Organization.
    4. Wynne Godley, 2012. "Maastricht and All That," Palgrave Macmillan Books, in: Marc Lavoie & Gennaro Zezza (ed.), The Stock-Flow Consistent Approach, chapter 8, pages 189-193, Palgrave Macmillan.
    5. Arestis, Philip & McCauley, Kevin & Sawyer, Malcolm, 2001. "An Alternative Stability Pact for the European Union," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 25(1), pages 113-130, January.
    6. Philip Arestis, 2014. "Current and Future ECB Monetary Policy," Working papers wpaper28, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    7. Malcolm Sawyer, 2013. "Alternative Economic Policies for the Economic and Monetary Union," Contributions to Political Economy, Cambridge Political Economy Society, vol. 32(1), pages 11-27.
    8. repec:ilo:ilowps:470932 is not listed on IDEAS
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