Posted by: Dirk | July 2, 2019

New chapter on Euro Treasury and Job Guarantee

Together with Esteban Cruz and Pavlina Tcherneva I have written a chapter in a book on the Eurozone. It has been published by Revista Economica and is available for download here (PDF). This is the abstract:

The problems with the design of the Eurozone came into focus when, late in 2009, several member nations– notably Greece – failed to re nance their government debt. The crisis that followed was not entirely asurprise. When the Euro was launched in 1999, many economists warned that the single currency was unworkable. Even Eurozone optimists argued that the Euro project would eventually need to be completed. More than 10 years after the crisis, unemployment rates remain elevated and continue to threaten the social, political and economic stability of the Eurozone. The institutional constraints of the single currency however preclude bold action to address these challenges. In this paper, we suggest that tackling thetwin problems of the Eurozone – its institutional aws and mass unemployment – could be addressed by creating a Euro Treasury that would nance a Job Guarantee program, which would eliminate massunemployment, enhance price stability, and foster social and economic integration across Europe.

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