Neoliberalism and the Future of the Euro Zone

‘The unequal development of the countries of the euro area since the outbreak of the crisis is causing increasing friction that threatens to tear the monetary union apart. Contrary to what many critics of the monetary union suggest, responsibility for this development lies not alone with its internal structure, but is rather a general feature of capitalist development. It is illusory to believe that under the dominance of the capitalist mode of production a spatially even development would ever be possible. Rather, the current monetary regime reinforces the cycles of capitalist crisis.’
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