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Project 1992

In: Endgame for the Euro: A Critical History

Author

Listed:
  • Bill Lucarelli

    (University of Western Sydney)

Abstract

In the aftermath of the second oil price shocks of 1978–79, the economies of the EC-12 experienced the most severe recession since the reconversion crisis of 1947–48. Although the recession was international in its scope, its severity and duration were greater in the EC-12 than in the US and Japan. Within five years, unemployment had doubled. Indeed, since the mid-1970s, the phenomena of what was euphemistically described as the onset of “Eurosclerosis” — the combination of high unemployment and low economic growth — had pervaded the economic landscape. Project 1992 was formulated as a neoliberal solution the Europe’s perceived lack of dynamism and loss of export competitiveness.

Suggested Citation

  • Bill Lucarelli, 2013. "Project 1992," Palgrave Macmillan Books, in: Endgame for the Euro: A Critical History, chapter 5, pages 70-87, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-37190-4_6
    DOI: 10.1057/9781137371904_6
    as

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