Controlled Dismantlement of the Eurozone: A Strategy to Save the European Union and the Single European Market

Kawalec Stefan and Pytlarczyk Ernest
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Kawalec Stefan: Capital Strategy, Los Angeles,California, United States of America
Pytlarczyk Ernest: BRE Bank S.A.,Warsaw, Poland

German Economic Review, 2013, vol. 14, issue 1, 31-49

Abstract: The problems with a single currency in Europe are neither temporary nor curable. Any persistent defence of the euro will result in a long-lasting recession and high unemployment in countries using fiscal austerity to pursue ‘internal devaluation’. It may lead to a revival of populist and nationalist movements, political collapse and disorderly eurozone break-up. This article argues for a controlled segmentation of the eurozone via the exit of the most competitive countries and an agreement on a new European currency coordination system.

Keywords: Eurozone crisis; internal devaluation; deflation; currency devaluation; Euro break-out; future of Europe (search for similar items in EconPapers)
Date: 2013
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DOI: 10.1111/geer.12003

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