Uma análise teórico-crítica da crise do euro à partir da teoria cartalista da moeda

Abstract

The aim of this article is to analyze the crisis of the euro, triggered from 2009, and the reasons for the difficulties faced by the economies which take part of the European project of monetary integration to find a harmonious way to overcome it. To this end, it starts with the historical discussion of the creation of the euro in order to demonstrate that the shape of the project left structural weaknesses that would later generate imbalances and subjected the economies of the euro area to strict and standardized macroeconomic criteria with the interests of Germany, without creating, however, a centralized and legitimate political authority. It then seeks to demonstrate that the euro area is not an Optimal Monetary Area (OCA), whose principles come from the Metalist School of Money. The Cartarist Approach of Money is admitted as a critical approach which best explains both the European process of monetary unification conducted since the late 1960s, as the management of the euro crisis. Given the great difficulties of economic and political harmonization between the members and the Community institutions, the reasons for which the single currency of the European Union (EU) has been placed in a more vulnerable position in the hierarchy of the International Monetary System and exposed the lack of democratic deficit of the peripheral EU Member States are discussed.