Quo vadis euro – Unio? Perspektywa ekonomii postkeynesowskiej
Quo Vadis Euro – Union? Post-Keynesian Perspective

Summary/Abstract: The strategy adopted by the European Central Bank, European Commission and International Monetary Fund after the outbreak of the global crisis aims at creating new, sustainable foundations for economic growth for member states of the eurozone and of the whole European Union, at full employment and the dynamics of output corresponding to the potential output. This strategy is based on the neoliberal economic doctrine, in its “soft” rather than “hard” variant, supported by the recommendations given by the “new economic synthesis”. The author argues that neoliberal strategy will not fulfill the hopes pinned on it; on the contrary, it may only strengthen stagnation tendencies. Only policies based on recommendations of post-Keynesian and post-Kaleckian economics can help the eurozone to restore the lost economic dynamics at high employment, thereby consolidating its internal economic and political cohesion and increasing its integrative appeal. Such a strategy should recognize the need for an active demand support provided by public expenditures, but keeping control over the deficit and the public debt ratios to GDP, and at the same time regaining some control over financial markets and speculative capital flows. Another important pillar of those recommendations is to restore the “participative” nature of economic growth and reverse the rising polarization in income distribution.

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