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Fixing the euro's original sins: the monetary - fiscal architecture and monetary policy conduct

In: Neoliberalism and the Road to Inequality and Stagnation

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Abstract

This chapter excavated how euro zone's (EZ) weak economic performance has been significantly due to the euro's neoliberal monetary architecture and the design of monetary policy. Those features undermine national political sovereignty and consign the EZ to severe economic under-performance, which in turn fosters political demands for exit from the euro. Escaping this dynamic requires restoring fiscal space to EZ countries, and also changing the design of EZ monetary policy. The paper shows how this can be done. It decomposes the challenge of reform into generic problems related to the neoliberal approach to monetary policy, and specific problems concerning the euro's design as a currency union. The currency union problems are further decomposed into "money - fiscal policy" architecture problems and monetary policy conduct problems.

Suggested Citation

  • ., 2021. "Fixing the euro's original sins: the monetary - fiscal architecture and monetary policy conduct," Chapters, in: Neoliberalism and the Road to Inequality and Stagnation, chapter 10, pages 166-187, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20890_10
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