ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Fundamental Flaws in the European Project

The euro aimed at removing nominal exchange rate fluctuations in a wide free-trade area and 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 at once 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.

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