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.
* This article was
originally published in Economic and Political
Weekly, VOL 46 No. 32 August 06 - August
12, 2011.
August
9, 2011.
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