Abstract
Underlying the current political crisis of EU is a decade of cumulative malaise produced by low growth, high unemployment and welfare cuts. The poor economic record of the core Eurozone states is attributable neither to supply-side sclerosis nor top-heavy welfare, but rather to the ECB's obsession with inflation and the fiscal strait-jacket imposed by the Stability and Growth Pact (SGP), referred to here as 'Brussels Consensus' economics. The paper critically examines the SGP rules, argues that the 2005 SGP compromise reached at Luxembourg has not addressed the fundamental problem of Europe's asymmetric economic institutions, and proposes radical remedies.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.