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German neomercantilism and the European sovereign debt crisis


  • Bill Lucarelli


The causes of the recent sovereign debt crisis within the eurozone are examined from the perspective of the peculiar institutional framework inherited from the Maastricht Treaty of 1992. The article argues that German neomercantilism is at the very core of Europe's descent into a seemingly irreversible phase of stagnation. In the absence of fiscal federalism, the sovereign debt crisis will only worsen, pushing the eurozone into a possible phase of debt-deflation.

Suggested Citation

  • Bill Lucarelli, 2011. "German neomercantilism and the European sovereign debt crisis," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 34(2), pages 205-224.
  • Handle: RePEc:mes:postke:v:34:y:2011:i:2:p:205-224
    DOI: 10.2753/PKE0160-3477340202

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    Blog mentions

    As found by, the blog aggregator for Economics research:
    1. ECB: The Ultimate Enforcer of the European Neoliberal Project?
      by C. J. Polychroniou in Multiplier Effect on 2015-01-29 01:17:30


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    Cited by:

    1. Bill Lucarelli, 2014. "The Euro: A currency in search of a state," The Economic and Labour Relations Review, , vol. 25(3), pages 484-496, September.
    2. Gaetano Perone, 2018. "Produttività del lavoro, dinamica salariale e squilibri commerciali nei Paesi dell'Eurozona: un'analisi empirica," Economia & lavoro, Carocci editore, issue 3, pages 61-98.
    3. Sorić, Petar & Lolić, Ivana & Claveria, Oscar & Monte, Enric & Torra, Salvador, 2019. "Unemployment expectations: A socio-demographic analysis of the effect of news," Labour Economics, Elsevier, vol. 60(C), pages 64-74.

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