The euro — a story of misunderstanding

Abstract

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Switch to Devalued Drachma and Cost-Push Inflation: A Simple Input-Output Approach to the Greek Case

“…Consequently, the national economies (and/or the regions of certain national economies), which are characterized by a low productivity, will eventually not be able to produce any commodity (setting aside the non-tradable commodities) or, in the best-case scenario, will produce only certain commodities (i.e. "unskilled labour-intensive" commodities; see also [9]). All the available empirical data suggest that this tends to be the case for the Greek economy (e.g.…”

Crisis, structural reform and the dismantling of the European Social Model(s)

“…The latter was introduced to tackle the current account imbalances which have grown significantly since the introduction of the Euro. Essentially Southern European countries have build up major current account deficits, while Germany and some neighbouring countries have registered growing current account surpluses (Arestis et al, 2013; Flassbeck and Spiecker, 2011; Hein et al, 2012).…”

Fiscal federalism in monetary unions: hypothetical fiscal transfers within the Euro-zone

“…In fact, authors such as Krugman (1991Krugman ( , 1993 and Kalemli-Ozcan et al (2001) argued and gave empirical evidence of the contrary, namely that the Euro could lead to industrial specialization and consequently to more asymmetric business cycles. There might also be other asymmetric shocks, such as Germany's restrained wage development in the 2000s which is seen as one root cause of intra-EZ divergences and imbalances by the non-mainstream view (Flassbeck and Spiecker 2011).…”