The fiscal governance of the EMU is in dire need of reform. Its current arrangements suff er from several shortcomings, most notably, the limitations they impose on national fiscal policies, steering them towards too restrictive or pro-cyclical stances; the absence of an unconditional lender of...

The 2008-10 financial crisis and the global recession it created is a complex phenomenon that warrants detailed examination. The various essays in this book utilise several alternative paradigms to provide a plausible explanation and a credible cure. Great detail is given to this important...

pt. 1. The financial side : the burden of debt and the loss of confidence -- pt. 2. The balance of payments constraint : trade deficits as a source of risky debt -- pt. 3. The real side of the economy : the problem of effective demand and the failure of austerity policies.