Building on his work as a leading member of the renowned Research on Money and Finance group, Costas Lapavitsas argues that European austerity is counterproductive. Cutbacks in public spending will mean a longer, deeper recession, worsen the burden of debt, further imperil banks, and may soon spell the end of monetary union itself.
Crisis in the Eurozone charts a cautious path between political economy and radical economics to envisage a restructuring reliant on the forces of organized labour and civil society. The clear-headed rationalism at the heart of this book conveys a controversial message, unwelcome in many quarters but soon to be echoed across the continent: impoverished states have to quit the euro and cut their losses or worse hardship will ensue.
All three RMF reports on the eurozone crisis are now available as a single paperback published by Verso Books, with a new introduction by Stathis Kouvelakis.
“This book is indispensable for anyone trying to make sense of the European Union’s implosion.”
– Alex Callinicos, Professor of European Studies, King’s College London
“Crisis in the Eurozone combines the urgency of front-line reporting with insightful detail about the players involved and mechanisms at work.”
– Gary A. Dymski, Professor of Economics, University of California, Riverside
“The most comprehensive, thoughtful, and insightful dissection of the Eurozone’s problems. If you could only read one item on this momentous crisis, this book would be it.”
– Stergios Skaperdas, Professor of Economics, University of California, Irvine
For Media Coverage of the Book see Socialist Review (by Joseph Choonara, June 2012), Guardian (interview with Costas Lapavitsas, 13 June 2012), Observer (by Heather Stewart, 24 June 2012) and Publico (in Portuguese, interview with Costas Lapavitsas, 29 June 2012).