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The Implosion of the Brussels Economic Consensus

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  • George Irvin

Abstract

Underlying the current political crisis of EU is a decade of cumulative malaise produced by low growth, high unemployment and welfare cuts. The poor economic record of the core Eurozone states is attributable neither to supply-side sclerosis nor top-heavy welfare, but rather to the ECB’s obsession with inflation and the fiscal strait-jacket imposed by the Stability and Growth Pact (SGP), referred to here as ‘Brussels Consensus’ economics. The paper critically examines the SGP rules, argues that the 2005 SGP compromise reached at Luxembourg has not addressed the fundamental problem of Europe’s asymmetric economic institutions, and proposes radical remedies.

Suggested Citation

  • George Irvin, 2005. "The Implosion of the Brussels Economic Consensus," ICER Working Papers 11-2005, ICER - International Centre for Economic Research.
    • Handle: RePEc:icr:wpicer:11-2005
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    File URL: http://www.bemservizi.unito.it/repec/icr/wp2005/ICERwp11-05.pdf
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    Cited by:

    1. Zaenal Mutaqin & Masaru Ichihashi, 2012. "The Role of Maastricht Criteria and Membership in Determining Convergence in the Eurozone and ASEAN: A Panel Data Analysis," IDEC DP2 Series 2-7, Hiroshima University, Graduate School for International Development and Cooperation (IDEC).

    More about this item

    Keywords

    Eurozone growth; unemployment; Maastricht; EIB; SGP rules; EU fiscal and monetary policy; neo-liberal Brussels consensus.;
    All these keywords.

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