Abstract
ABSTRACT The paper applies the core-periphery approach developed by the Latin American historical-structuralist school to study the consequences of European integration on its peripheral economies. The structural causes of the Eurozone crisis are explained in terms of the divergent trajectories of interdependent economies with different productive capabilities. It is argued that, as in the 1970s, the new challenges confronting the EU - the digital transformation, new consumption patterns, reversal from globalisation to regional blocs, disenchantment with the European project - call for a radical change in the institutional and productive structures of the Eurozone. Averting the prospect of a disintegrative crisis means revising the European institutions and policies in the direction of a more egalitarian and cohesive Union.
Highlights
One of the side effects of the current Eurozone crisis has been the rediscovery of the terms core and periphery to analyse the dynamics of the European integration process in the second half of the 20th century (SIMONAZZI and GINZBURG, 2015; CELI et al, 2018)
The implicit assumption was that an austerity regime, associated with institutions close to those assumed to be prevailing in the ‘core’ countries, would create the ‘right’ environment for growth in the periphery (SIMONAZZI and GINZBURG, 2015)
Whilst the economic crisis of the Eurozone has further increased the divergence between the core and the southern periphery, the increasing integration of the Central and Eastern European economies into the supply chain of German industry speeded up their process of diversification and specialization
Summary
RESUMO: O artigo utiliza a abordagem centro-periferia desenvolvida pela escola histórico-estruturalista latino-americana para estudar as conseqüências da integração européia sobre as economias periféricas do bloco. As causas estruturais da crise da zona do euro são explicadas em termos das trajetórias divergentes de economias interdependentes com diferentes capacidades produtivas. Argumenta-se que, assim como na década de 1970, os novos desafios enfrentados pela UE – transformação digital, novos padrões de consumo, inversão da globalização para os blocos regionais, desencanto com o projeto europeu – exigem uma mudança radical nas estruturas institucionais e produtivas da Europa. Evitar a perspectiva de uma crise desintegradora significa rever as instituições e políticas europeias na direção de uma União mais igualitária e coesa. PALAVRAS-CHAVE: crise do euro; sul da Europa; escola da dependência; política industrial
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