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This text develops an original critical analysis of the origins and
evolution of the euro and the current debt crisis that envelops the
euro-zone. It provides a comprehensive critical historical
narrative of the evolution of European Monetary Union (EMU). The
history of the euro, culminating in the Maastricht blueprint in
1992, reveals that this deeply flawed monetary edifice was informed
by the prevailing neoliberal/monetarist economic doctrines,
favoured by Germany. The final blueprint witnessed the birth of an
international currency which was devoid of a coherent sovereign
power.
The author's critique is informed by post-Keynesian theories of
endogenous money. Lucarelli provides an essential contribution to
the critique of the existing economic theories that continue to
inform the evolution of the euro. In the absence of political union
and a corresponding fiscal framework, the survival of the euro
remains problematic. The imposition of harsh, neoliberal, austerity
measures by the IMF/EU/ECB (Troika) on Europe's peripheral, deficit
countries threaten the very existence of the euro-zone in its
present form, and have set in motion powerful centrifugal forces,
which could ultimately derail the entire post-war European project.
The world economy is on the brink of a profound crisis. The threat
of global deflation and the emergence of chronic excess global
capacity characterizes the contemporary phase of crisis and
stagnation. Lucarelli argues that these pathological features of
globalization acquire a remorseless logic during the "mature"
stages of monopoly capitalism. He explores the historical origins
and theoretical tendencies of this protracted crisis from a
Keynes/Kakecki perspective.
The world economy is on the brink of a profound crisis. The threat
of global deflation and the emergence of chronic excess global
capacity characterizes the contemporary phase of crisis and
stagnation. Lucarelli argues that these pathological features of
globalization acquire a remorseless logic during the 'mature'
stages of monopoly capitalism. He explores the historical origins
and theoretical tendencies of this protracted crisis from a
Keynes/Kakecki perspective.
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