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

Author

Listed:
  • Kawalec Stefan

    (Capital Strategy, Los Angeles, California, United States of America)

  • Pytlarczyk Ernest

    (BRE Bank S.A., Warsaw, Poland)

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.

Suggested Citation

  • Kawalec Stefan & Pytlarczyk Ernest, 2013. "Controlled Dismantlement of the Eurozone: A Strategy to Save the European Union and the Single European Market," German Economic Review, De Gruyter, vol. 14(1), pages 31-49, February.
    • Handle: RePEc:bpj:germec:v:14:y:2013:i:1:p:31-49
    DOI: 10.1111/geer.12003
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