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And the Weak Suffer What They Must?: Europe's Crisis and America's Economic Future by Yanis Varoufakis

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APPENDIX TO CHAPTER 7

Extracts from “A Modest Proposal for Resolving the Eurozone Crisis,” by Yanis Varoufakis, Stuart Holland, and J. K. Galbraith, July 2013.

The Eurozone crisis is unfolding on four interrelated domains.

Banking crisis: There is a common global banking crisis, which was sparked off mainly by the catastrophe in American finance. But the Eurozone has proved uniquely unable to cope with it, and this is a problem of structure and governance. The Eurozone features a central bank with no government, and national governments with no supportive central bank, arrayed against a global network of megabanks they cannot possibly supervise. Europe’s response has been to propose a full Banking Union—a bold measure in principle which is left ...

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