by Costas Lapavitsas, Theodore Mariolis and Constantinos Gavrielidis
This analysis was published in Il Ponte, LXXIII, n. 5-6, p. 105-33.
Introduction: Ιn early 2010 the European Economic and Monetary Union (EMU) entered a period of crisis that has undermined its very existence, and eventually that of the European Union itself. The turmoil has been a continuation of the global crisis of 2007-9 which initially broke out in the financial system of the USA. The global crisis soon subsided in the USA, the UK and other parts of the world, following decisive state intervention that, first and foremost, protected financial interests. In Europe, however, the crisis has acquired a further and virulent aspect due to the dysfunctional EMU, adopted by the bulk of the EU on 1 January 1999.