"Natural rate theory" - the application of the efficient market hypothesis to labour markets has guided economic policy since the 1970s and laid the foundations for the design of major European institutions in the 1990s. Unfettered markets were declared to be stable, and consequently public...

The process of European integration can be described as the increasing interdependence between economies at different levels of development and with different productive capabilities. It evolved from a pre-eminently political project to a ‘de-politicised’ management based on the automatism...