It is difficult to see how a continuing increase in unemployment, balance of payments deficits and mounting foreign and public debt can go on. Something has to give in sooner rather than later: either the German have to be less restrictive in her attitude to mutual support or the Southern countries will leave one by one.
Tthe dissolution of the EMU is not the end of EU – quite the contrary. If that recognition is understood, some necessary changes of the currency system might bring a kind of euro-realism into the collaboration of the EU.
The contradiction between the attempt to establish an effective governance and the outdated equilibrium models based on the monetarist economic thinking.
In a perspective of sustainability the correct answer is to increase green taxes and a ceiling on the material consumption to secure that the distribution of environmental impacts is reasonably fair.
The crisis calls for counter policies all of Europe. There would be for many years ahead some countries with structural deficits (‘catching up’ countries) and countries with a structural surplus (the more mature economies). It is difficult to understand that a European Monetary Fund was not established contemporary with the EMU.
"Dove ha sbagliato la teoria economica?", si chiedeva questa estate l'"Economist". Per concludere che le teorie prevalenti non hanno alcuna proposta rilevante su come affrontare e risolvere la crisi. Le idee-guida degli ultimi 30 anni si sono dimostrate tanto indiscusse quanto erronee.
