Corpus ID: 54637835

Myths, Mix-ups and Mishandlings: What Caused the Eurozone Crisis?

@inproceedings{Storm2015MythsMA,
  title={Myths, Mix-ups and Mishandlings: What Caused the Eurozone Crisis?},
  author={Servaas Storm and C. Naastepad},
  year={2015}
}
The Eurozone crisis has been wrongly interpreted as either a crisis of fiscal profligacy or of deteriorating unit-labour cost competitiveness (caused by rigid labour markets), or a combination of both. Based on these diagnoses, crisiscountries have been treated with the bitter medicines of fiscal austerity, drastic wage reductions, and far-reaching labour market deregulation—all in the expectation that these would restore cost competitiveness and revive growth (through exports), while at the… Expand
8 Citations

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