There is no future for the peripheral countries inside the Eurozone
Please cite the paper as:
Yiannis Tolios, (2014), There is no future for the peripheral countries inside the Eurozone, World Economics Association (WEA) Conferences, No. 2 2014, Greece and Austerity Policies: Where Next for its Economy and Society?, 20th October to 21st December 2014
The profound economic crisis gave explosive rise to core problems of the EMU structure. Dominant Eurozone elites attempt to avert the collapse of the tenuous euro – structure, by preserving its neoliberal ‘psyche’ unharmed, with austerity policies and construction of supplementary ‘pylons’. Policies and measures implemented by older and new ‘pylons’ (‘Stability Pact’, ‘ECB’, ‘support mechanism’ of EFSF – ESM, ‘Euro-Plus Pact’, ‘Fiscal Pact’, etc), lead the European peoples, especially in the periphery countries, deep towards an economic and social ‘dungeon’. Under austerity policies and neoliberal management model, the concept of ‘Europe of the peoples and workers’ is completely incompatible and historically unrealized.
Exiting the crisis for the peoples of the EU and especially the Eurozone is overthrowing the EMU class structure and re-establishing it in terms of ‘peoples and workers’. More specifically, for the peoples of peripheral countries, tearing up the ‘Memoranda’, writing off the greater part of the debt, along with overthrowing neoliberal policies, promoting macroeconomic policy for the benefit of the working people, sustainable growth and drastically reducing unemployment is a vital precondition for their existence. The concept of alternative economic policy has to be based on social needs and interests of the European peoples. It is the starting point for the ‘historical necessity’, the overcoming of finance capital domination and to the socialist perspective.