{"id":6375,"date":"2012-11-15T12:13:23","date_gmt":"2012-11-15T17:13:23","guid":{"rendered":"http:\/\/www.multiplier-effect.org\/?p=6375"},"modified":"2012-11-15T12:22:16","modified_gmt":"2012-11-15T17:22:16","slug":"in-the-eurozone-look-to-the-design-defects","status":"publish","type":"post","link":"https:\/\/blogs.bard.edu\/multiplier-effect\/in-the-eurozone-look-to-the-design-defects\/","title":{"rendered":"In the Eurozone, Look to the Design Defects"},"content":{"rendered":"

Today Eurostat announced that the eurozone has plunged back into recession<\/a>.\u00a0 If you’re looking for a good explanation of the eurozone’s problems, you will only get so far by looking at the policy failures of particular countries.\u00a0 The most fundamental problems\u2014those that won’t go away with a mere shift in policy at the national level\u2014are rooted in the very setup of the euro system<\/a>.<\/p>\n

In October, the Columbia Law School-sponsored series<\/a> “Modern Money and Public Purpose” held a seminar that featured Yanis Varoufakis and Marshall Auerback on the design defects of the eurozone.\u00a0 Varoufakis began his presentation with these lines:\u00a0 “Greece is not important enough to be occupying the headlines around the world for three years.\u00a0 Imagine a situation where a crisis in the state of Delaware was threatening to bring the United States of America down.\u00a0 If that happened, then the problem would not be with Delaware, it would have been with the United States of America.” (video below)<\/p>\n