Project 1992

Bill Lucarelli
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Bill Lucarelli: University of Western Sydney

Chapter 5 in Endgame for the Euro: A Critical History, 2013, pp 70-87 from Palgrave Macmillan

Abstract: Abstract In the aftermath of the second oil price shocks of 1978–79, the economies of the EC-12 experienced the most severe recession since the reconversion crisis of 1947–48. Although the recession was international in its scope, its severity and duration were greater in the EC-12 than in the US and Japan. Within five years, unemployment had doubled. Indeed, since the mid-1970s, the phenomena of what was euphemistically described as the onset of “Eurosclerosis” — the combination of high unemployment and low economic growth — had pervaded the economic landscape. Project 1992 was formulated as a neoliberal solution the Europe’s perceived lack of dynamism and loss of export competitiveness.

Keywords: Monetary Union; European Parliament; Uneven Development; European Investment Bank; European Free Trade Association (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-37190-4_6

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DOI: 10.1057/9781137371904_6

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