Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/277457 
Year of Publication: 
2019
Citation: 
[Journal:] European Journal of Economics and Economic Policies: Intervention (EJEEP) [ISSN:] 2052-7772 [Volume:] 16 [Issue:] 3 [Year:] 2019 [Pages:] 370-380
Publisher: 
Edward Elgar Publishing, Cheltenham
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'.
Subjects: 
European integration
Maastricht Treaty
euro
internal devaluation
income inequality
race to the bottom
productivity stagnation
JEL: 
E12
E24
E62
F15
F62
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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