The Euro: A currency in search of a state

Bill Lucarelli

The Economic and Labour Relations Review, 2014, vol. 25, issue 3, 484-496

Abstract: To understand the structural dynamics of the current eurozone crisis, it is necessary to examine the longstanding internal contradictions that the system has inherited from its inception under the Maastricht Treaty and the neoliberal strategy which has governed its evolution from the first experiments in economic and monetary union in the 1970s. A brief narrative of the evolution of the European Monetary Union yields some insights into its peculiar institutional design. More specifically, the article examines the dangerously self-reinforcing logic between speculative bond markets and cascading, deflationary policies of austerity imposed on those countries encountering severe debt crises. This examination reveals the fragile foundations upon which the eurozone was constructed.

Keywords: Capital; crisis; debt; euro; eurozone; monetary; money (search for similar items in EconPapers)
JEL-codes: B14 B16 B23 B5 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:ecolab:v:25:y:2014:i:3:p:484-496

DOI: 10.1177/1035304614548962

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