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Eurozone: The Untold Economics

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Author Info

  • John Hatgioannides

    () (City University)

  • Marika Karanassou

    () (Queen Mary, University of London and IZA)

  • Hector Sala

    () (Universitat Aut�noma de Barcelona and IZA)

Abstract

This paper dwells on the Eurozone woes and addresses the origins of the transition from a fictitious boom to a painful bust by unravelling (i) the supply-side structural imbalances that formed the core-periphery economic divide, and (ii) the necessity of the periphery’s sovereign debt to finance imports from the export-led core. Within our macroeconomic setup, we challenge the clich� that countries of the core have funded the sovereign debts of the periphery and demonstrate that the commonly held view that the periphery countries have lived beyond their means (due to wages growing beyond what is justified by productivity gains) is in stark contrast to the trajectories followed by the wage shares. We argue against the tyrannical neoliberal policies of austerianism and we propose the rebooting of central and private banking. We present a fresh vision for the future of the Eurozone that will halt the tearing of the social fabric of its member states.

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Bibliographic Info

Paper provided by Queen Mary, University of London, School of Economics and Finance in its series Working Papers with number 699.

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Date of creation: Jan 2013
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Handle: RePEc:qmw:qmwecw:wp699

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Related research

Keywords: Eurozone crisis; Structural imbalances; Sovereign debt; Austerity; Neoliberal policies; Banking/credit system;

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  1. Biewen, Martin & Juhasz, Andos, 2010. "Understanding Rising Income Inequality in Germany," IZA Discussion Papers 5062, Institute for the Study of Labor (IZA).
  2. Karanassou, Marika & Sala, Hector, 2011. "Inequality and Employment Sensitivities to the Falling Labour Share," IZA Discussion Papers 5796, Institute for the Study of Labor (IZA).
  3. Alvaredo, Facundo, 2009. "Top incomes and earnings in Portugal 1936-2005," Explorations in Economic History, Elsevier, vol. 46(4), pages 404-417, October.
  4. Till van Treeck & Silke Tober & Achim Truger & Michael Brecht, 2010. "Squaring the circle in Euroland? Some remarks on the Stability and Convergence Programmes 2010-2013," IMK Working Paper 3-2010, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  5. Facundo Alvaredo & Emmanuel Saez, 2009. "Income and Wealth Concentration in Spain from a Historical and Fiscal Perspective," Journal of the European Economic Association, MIT Press, vol. 7(5), pages 1140-1167, 09.
  6. Alvaredo, Facundo & Saez, Emmanuel, 2009. "Income and Wealth Concentration in Spain from a Historical and Fiscal Perspective," Institute for Research on Labor and Employment, Working Paper Series qt4017h9q3, Institute of Industrial Relations, UC Berkeley.
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