John Grahl

Is the monetary union worth preserving if it means the virtual colonization of the weakest member economies? Assessing responses to the euro crisis, John Grahl argues that the real cause – private sector deficits across the periphery – remains unaddressed. Instead, a regime is emerging in which EU creditor authorities override national decision-making in every aspect of public policy.

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The eurocrisis is a logical consequence of the way the Eurozone was constructed, writes John Grahl. A dogmatic belief in the intrinsic stability of market economies caused imbalances in competitiveness to be ignored as long as easy credit provided the illusion of growth. Present arrangements to stabilise the Eurozone are inadequate: necessary is a Europeanisation of debt.

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