Fundamental Flaws in the European Project George Irvin and Alex Izurieta

The euro was informed by a neo-liberal view of leaving policy entirely to market forces. In consequence, by way of its specific design, it removed three essential policy instruments from the domain of national policymaking – exchange rate management, monetary policy and fiscal policy- and it intrinsically weakened labour and welfare policy. These are the fundamental flaws in the design of the European project.

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(This article was originally published in Economic and Political Weekly, VOL 46 No. 32 August 06 – August 12, 2011.)