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Is better economic integration in the EU possible?

Author

Listed:
  • Leon Podkaminer

    (Vienna Institute for International Economic Studies (wiiw), Austria)

Abstract

In this paper it is argued that European integration has not fulfilled its chief economic promises. Output growth has been increasingly weak and unstable. Productivity growth has been following a decreasing trend. This sorry state of affairs is likely to continue. However, this outcome is not unavoidable. Moreover, the negative consequences implicit in the current architecture of the common currency could be neutralised. For this to happen, the basic paradigms of the economic policies to be followed in the European Union would have to be radically changed. First, the unconditional fiscal consolidation provisions still in force would have to be repelled. Second, ‘beggar-thy-neighbour’ (or mercantilist) wage policies would have to be ‘outlawed’.

Suggested Citation

  • Leon Podkaminer, 2019. "Is better economic integration in the EU possible?," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 16(3), pages 370-380, December.
  • Handle: RePEc:elg:ejeepi:v:16:y:2019:i:3:p370-380
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    More about this item

    Keywords

    European integration; Maastricht Treaty; euro; internal devaluation; income inequality; race to the bottom; productivity stagnation;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • F15 - International Economics - - Trade - - - Economic Integration
    • F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts

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