Beyond its political and economical ramifications, the euro crisis has had a profound impact on European society. From a distributional conflict perspective, these turbulent times redefine who gets into conflict with whom.
By converting the Euro to a supranational means of settlement underpinned by Euro-National currencies, both devaluation and the Euro's survival may be achieved, albeit at heavy loss to creditors. This would, more than anything, come close to Keynes' vision for the Bancor, and give a localised Bret
Ultimately, the size of debts accrued in the Eurozone has become too large for any credible rescue plan that does not include substantial write-offs far beyond Greece. The idea that Germany can hold together both the currency and the union whilst still protecting a mountain of sovereign and bankin
The cost of credit to the financial system is now higher than it is for industrials. The financial system has become a source of autonomous risk. Why do we need it, then?
The Euro was the ultimate in supply side economics, designed to perform exactly as it has done in an economic crisis - strip away traditional economic tools of recovery and push states into "internal devaluation", privatisation and attacks on labour rights. It's performing perfectly.
Underpinning the Euro crisis is a collection of mismatches, of cultures, institutions, expectations and norms between varied European actors and, critically, debtors and creditors. Europe will not survive without unification to smoothe and manage these differences, but it need not be as painful or
The recent summit marks an important turning point in building a genuine economic union in Europe and averting market attacks on weaker members. Closer fiscal union should not be feared, provided the political and, critically, democratic frameworks are developed to underlay this significant advanc
If the purpose of the Euro is to reduce transaction costs within a common market, this can be maintained while internally devaluing within the nation state. Rather than through crude supply side measures, this can be achieved by the introduction of a National Unit of Account. Here's how.
A finance insider reads Soros' intervention at Trento and wonders whether this is just a trading superstar talking up his own portfolio?
The strongest force holding the Euro together is the political force of creditors. Were the currency to collapse, much of the debt would collapse with it. So the question is, who are we saving the Euro for?
Interview of former Greek Prime Minister George A. Papandreou by Jean-Christophe Nothias, Editor in Chief of The Global Journal. Originally published at the Global Journal. Cross-posted with thanks.
Both economically and politically the Euro project has been deeply flawed. Enormous debts have been accrued which will never be repaid. The slate must be wiped clean.
