Monday, 9 May 2016

The Greek Disaster and the Future of the EMU

In this lecture Costas Lapavitsas explores the fundamental causes of the Greek debt and public finance crisis since 2009. He shows how closely these causes are related to the functioning and policies of the EMU, particularly to the divergence of nominal unit labor costs, which is due mostly to extraordinary German wage moderation. The competitive advantage gained by Germany is the fundamental cause of the EMU crisis and the associated Greek disaster. The policies of austerity and fiscal stabilization have caused a depression in Greece with no real prospects of sustained growth in the future. Greece needs a different set of policies, including debt forgiveness and exit from the EMU, to begin to recover. Moreover, for Europe as a whole, the EMU needs to be thoroughly reconsidered, including a dismantling of key practices and institutions.

Monday 9 May 2016 | 7 p.m.
INSTITUT FÜR SOZIALFORSCHUNG
AN DER JOHANN WOLFGANG GOETHE-UNIVERSITÄT 

Senckenberganlage 26
60325 Frankfurt

Tuesday 10 May 2016 | 5 p.m.
MAX PLANCK INSTITUTE

FOR THE STUDY OF SOCIETIES
Paulstr. 3
50676 Cologne