The Economists' Warning
'European governments repeat mistakes
of the Treaty of Versailles'
'It is essential to realise that if the European authorities continue with policies of austerity and rely on structural reforms alone to restore balance, the fate of the euro will be sealed. The experience of the single currency will come to an end with repercussions on the continued existence of the European single market. In the absence of conditions for a reform of the financial system and a monetary and fiscal policy making it possible to develop a plan to revitalise public and private investment, counter the inequalities of income and between areas, and increase employment in the peripheral countries of the Union, the political decision makers will be left with nothing other than a crucial choice of alternative ways out of the euro.'
Emiliano Brancaccio and Riccardo Realfonzo
(Sannio University, promoters of “the economists’
warning”), Philip Arestis (University of Cambridge),
Wendy Carlin (University College of London),
Giuseppe Fontana (Leeds and Sannio Universities),
James Galbraith (University of Texas), Mauro
Gallegati (Università Politecnica delle Marche),
Eckhard Hein (Berlin School of Economics and
Law), Alan Kirman (University of Aix-Marseille III),
Jan Kregel (University of Tallin), Heinz Kurz (Graz
University), Alfonso Palacio-Vera (Universidad
Complutense Madrid), Dimitri Papadimitriou (Levy
Economics Institute), Pascal Petit (Université de
Paris Nord), Dani Rodrik (Institute for Advanced
Study, Princeton), Willi Semmler (New School
University, New York), Engelbert Stockhammer
(Kingston University), Tony Thirlwall (University of
Kent).
...and also: Georgios Argeitis (Athens University),
Marcella Corsi (Sapienza University of Rome), Jesus
Ferreiro (University of the Basque Country), Malcolm
Sawyer (Leeds University), Sergio Rossi (University
of Fribourg), Francesco Saraceno (OFCE, Paris),
Felipe Serrano (University of the Basque Country),
Lefteris Tsoulfidis (University of Macedonia).