Eurozone Dystopia traces the origin of the Eurozone and shows how
the historical Franco-German rivalry combined with the growing
dominance of neo-liberal economic thinking to create a monetary
system that was deeply flawed and destined to fail. William
Mitchell argues that the political class in Europe is trapped in a
destructive groupthink. Based on a flawed understanding of
macroeconomic fundamentals, groupthink extols the virtues of the
erroneous concept of the self-regulating free market and prevents
Europe from seeing its own policy failures. As a result, millions
are unemployed, with imperiled member states caught in a cycle of
persistent stagnation and rising social instability.Providing a
detailed historical analysis of the evolution of the Eurozone and
its failings from the 1940s to the present day, the book argues
that the Eurozone lacks the necessary monetary architecture,
particularly the existence of a federal fiscal function which could
have resolved the economic crisis quickly. The author examines the
options available to Europe and concludes that an orderly
abandonment of the euro and a return to national currencies is the
superior option available. The justification for this conclusion is
exhaustively argued within a Modern Monetary Theory framework. This
thoughtful and accessible account of Europe's economic woes will
appeal to all those who are seeking an explanation for the crisis
and are receptive to sensible and credible alternatives to the
current scenario.
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