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The Limits of the MarketThe Pendulum Between Government and Market$
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Paul De Grauwe

Print publication date: 2017

Print ISBN-13: 9780198784289

Published to Oxford Scholarship Online: January 2017

DOI: 10.1093/acprof:oso/9780198784289.001.0001

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The Euro is a Threat to the Market System

The Euro is a Threat to the Market System

(p.117) Chapter 11 The Euro is a Threat to the Market System
The Limits of the Market

Paul De Grauwe

Oxford University Press

The creation of the eurozone has led to a great shift in the power of national governments relative to the financial markets. It has seriously weakened the eurozone national governments with respect to the financial markets, leading to a dangerous supremacy of the markets, which have forced many countries in the eurozone to introduce excessive budgetary austerity measures. This in turn has led to a substantial rise in unemployment and the breakdown of parts of the social security system. This is a dangerous tendency because in time it undermines social consensus as to the advantages of a market system. Capitalism in the eurozone threatens to reach its limits at an alarming speed, with all the consequences mentioned.

Keywords:   eurozone, monetary union, austerity, last resort lender, political union

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