By Jörg Huffschmid
This booklet argues that the industrial weak point of the european is the results of its very restrictive financial coverage. The publication advances from a entire critique of macroeconomic, social and structural guidelines in the direction of a concrete thought for a democratic ecu social version according to the pursuits of complete employment, welfare, social fairness and ecological sustainability.
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Additional info for Economic Policy for a Social Europe: A Critique of Neoliberalism and Proposals for Alternatives
France had reached the same goal by cutting unit wage costs within the framework of a competitive disinflationary policy. In Germany, the shock caused by reunification had put an end to current surpluses and caused unemployment to soar, and that trend manifested itself in the depreciation of the mark’s real equilibrium exchange rate and the end of the undervaluation trend of the German currency. These results suggest that market mechanisms, together with the realignments that followed the 1992–93 EMS crises, worked well and allowed European exchange rates to converge towards sustainable values, and this enabled the successful launch of the euro.
The UK was part of this history, but it was also most concerned to preserve its independence as well as its privileged links with the USA (for these reasons Britain had originally refused to join either the European Coal and Steel Community (ECSC) or the European Economic Community and had instead established the European Free Trade Association with non-EC members1). 11 12 Economic Policy for a Social Europe Growing uncertainties at the world level and the outbreak of an open economic crisis in the mid-1970s meant that Britain arrived post festum – the high rates of growth in the original six member states2 which had convinced the British to join became a thing of the past.
The German reunification, the 1992–93 EMS crises and a deep crisis in Japan worked to reduce the size of misalignments in the early 1990s. European currencies, including the mark, appeared overvalued in 1995, but only slightly so, and to a lesser extent than in 1990. Such overvaluation was due to very high European unemployment rates which went alongside large current surpluses in many of these countries. In Germany’s case, the new conditions resulting from the reunification, with rising unemployment and the end of current account surpluses, erased the factors that previously had been the cause of the undervaluation of the mark.
Economic Policy for a Social Europe: A Critique of Neoliberalism and Proposals for Alternatives by Jörg Huffschmid