The Implosion of the Brussels Economic Consensus

George Irvin

ICER Working Papers from ICER - International Centre for Economic Research

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.

Keywords: Eurozone growth; unemployment; Maastricht; EIB; SGP rules; EU fiscal and monetary policy; neo-liberal Brussels consensus. (search for similar items in EconPapers)
Pages: 36 pages
Date: 2005-05
New Economics Papers: this item is included in nep-mac and nep-pke
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Persistent link: https://EconPapers.repec.org/RePEc:icr:wpicer:11-2005

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