IDEAS home Printed from
   My bibliography  Save this article

European Monetary Union: A Neo-liberal Trojan Horse?




It will be argued that the neo-liberal policies of disinflation, which have governed the evolution of European monetary union, have contributed to the onset of 'Eurosclerosis' over the past two decades. These monetarist-inspired policies have set in motion the cumulative and self-reinforcing logic of competitive disinflation and have left a legacy of high unemployment and economic stagnation. The basic contention is that Germany constitutes the core, hegemonic state and that its trade and investment relations with its EMU partners are essentially asymmetrical. Consequently, the process of competitive disinflation between member states in order to qualify for the Euro-zone has been driven by the ideological preferences of the Bundesbank and the imperatives of German oligopolistic accumulation. Furthermore, the anti-Keynesian bias of the Maastricht Treaty and the Stability Pact has merely reinforced this process of severe disinflation and austerity, the social costs of which are ultimately borne by the European working class. Copyright 2004, Oxford University Press.

Suggested Citation

  • Bill Lucarelli, 2004. "European Monetary Union: A Neo-liberal Trojan Horse?," Contributions to Political Economy, Oxford University Press, vol. 23(1), pages 81-91, November.
  • Handle: RePEc:oup:copoec:v:23:y:2004:i:1:p:81-91

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    References listed on IDEAS

    1. repec:oup:copoec:v:31:y::i:1:p:91-102 is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:oup:copoec:v:23:y:2004:i:1:p:81-91. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press) or (Christopher F. Baum). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.