Abstract

GUILLEN ROMO, Héctor. European Monetary Construction and the Euro Crisis: The perspective of the Greek radical left. Economía UNAM [online]. 2017, vol.14, n.40, pp.13-47. ISSN 1665-952X.

This paper analysesthe crisis of the euro from the perspective of three authors who played an essential role during the Greek crisis: Yanis Varoufakis, Minister of Finance in the first government of Tsipras; James K. Galbraith, reputed American economist and brilliant adviser of Varoufakis during the Greek crisis; Stuart Holland, important participant and defender of a confederate, social and democratic European project from the beginnings of the European construction. This authors show that the origins of the European crisis are deeper than what European leaders admit; and warn that the Eurozone has not been as successful as it waspromised by European leaders, but instead a pyramid of debts that have suffocated countries like Greece, Ireland, Portugal and Spain. The neoliberal and bureaucratic conception of the euro zone had some driving force behind bank lending, but these did not prevent the crisis from hitting Europe again. Thus, new debts and austerity have eroded the stability of the continent and there have been movements of xenophobia and racism that threaten international stability.

Keywords : Commercial Policy; Economic Integration; Europe.