why exiting the euro is the answer to the wrong question.

A credit-money and structural perspective on the European crisis:

why exiting the euro is the answer to the wrong question.*

Riccardo Bellofiore (University of Bergamo, Italy)

Francesco Garibaldo (former IPL Director, Italy)

Mariana Mortagua (SOAS, London, UK)

 

first revised draft



*This first draft is based on the papers by Bellofiore listed in the bibliography, on Garibaldo (2014), and Mortagua. There are, as Neil Young would say, some “borrowed tunes” (from Lavoie, and Simonazzi et al, Toporowski, Wray, and many others) which we think very much fit, and enrich, the story we want to tell. We benefited from the continuous dialogue with Joseph Halevi. This paper was presented at the international workshop on Full Employment in Europe: With or Without the Euro? In Grenoble, May 15 -16, 2014