Eurozone Dystopia

Eurozone Dystopia

Groupthink and Denial on a Grand Scale

William Mitchell

Eurozone Dystopia traces the origin of the Eurozone and shows how the historical Franco-German rivalry combined with the growing dominance of neo-liberal economic thinking to create a monetary system that was deeply flawed and destined to fail. It argues that the political class in Europe is trapped in a destructive groupthink which prevents it from seeing their own policy failures. Millions are unemployed as a result and the member states are caught in a cycle of persistent stagnation and rising social instability.

Chapter 7: Onward to Maastricht

William Mitchell

Subjects: economics and finance, political economy, post-keynesian economics, politics and public policy, european politics and policy, political economy

Extract

While the Economic Council meeting in Madrid on 16 and 17 June 1989 accepted the Delors Plan and resolved to begin the first stage on 1 July 1990, it was not until the meeting in Dublin on 25 and 26 June 1990 that the Council agreed that the ‘Intergovernmental Conference’ (IGC), which would consider the changes to the Treaty of Rome necessary to implement stages two and three, would meet on 14 December 1990. It was intended to coincide with another meeting between governments on advancing political union. In between the meetings in Madrid and Dublin, an Ecofin Committee working party considered how the Delors Report could be rendered acceptable to the Member States, bearing in mind that the Delors Committee had deliberately excluded the ‘politicians’ from the process to that point. The vehement opposition from the British brought home the need to render something that would be politically acceptable.

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