France as the Epicenter of Austerity: Sympathetic Thoughts About Parguez’s Contribution on the Origins and Nature of the Euro

Joseph Halevi

International Journal of Political Economy, 2016, vol. 45, issue 1, 17-24

Abstract: This paper outlines the way in which during the Mitterrand years the French Socialist technocratic elites built up the institutional framework of austerity centered on competitive disinflation. It then argues that the French template was absorbed by the European Monetary Union in 1999, thereby enshrining wage deflation as the glue holding the Eurozone together. The paper ends by listing the gains that the French ruling elites hoped to obtain from such a Europe-wide “austerian” framework. It also stresses the toxic social and political damages resulting from those policies.

Date: 2016
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DOI: 10.1080/08911916.2016.1159080

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