Eurozone: The Untold Economics
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.
|Date of creation:||Jan 2013|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: +44 (0) 20 7882 5096
Fax: +44 (0) 20 8983 3580
Web page: http://www.econ.qmul.ac.uk
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Alvaredo, Facundo, 2009. "Top incomes and earnings in Portugal 1936-2005," Explorations in Economic History, Elsevier, vol. 46(4), pages 404-417, October.
- Facundo Alvaredo & Emmanuel Saez, 2009.
"Income and wealth concentration in Spain from a historical and fiscal perspective,"
- 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.
- 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.
- Marika Karanassou & Hector Sala, 2012.
"Inequality and Employment Sensitivities to the Falling Labour Share,"
The Economic and Social Review,
Economic and Social Studies, vol. 43(3), pages 343-376.
- Marika Karanassou & Hector Sala, 2011. "Inequality and Employment Sensitivities to the Falling Labour Share," Working Papers 680, Queen Mary University of London, School of Economics and Finance.
- 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).
- Silvia Merler & Jean Pisani-Ferry, 2012.
"Sudden Stops in the Euro Area,"
Review of Economics and Institutions,
Università di Perugia, vol. 3(3).
- 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.
- Biewen, Martin & Juhasz, Andos, 2010. "Understanding Rising Income Inequality in Germany," IZA Discussion Papers 5062, Institute for the Study of Labor (IZA).
- Hans-Werner Sinn, 2012. "The European Balance of Payments Crisis: An Introduction," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 13(SPECIALIS), pages 03-10, 02.
When requesting a correction, please mention this item's handle: RePEc:qmw:qmwecw:wp699. 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: (Nick Vriend)
If references are entirely missing, you can add them using this form.