Eurozone Dystopia (Edward Elgar Publishing, 2015) by Emeritus Professor Bill Mitchell examines the European monetary system that is deeply flawed and destined to fail.
Eurozone Dystopia, traces the origin of the Eurozone and shows how the historical Franco-German rivalry combined with the growing dominance of neo-liberal economic thinking to create a monetary system that was deeply flawed and destined to fail. The book highlights the difficulties that nations with very different economic structures and a lack of cultural solidarity face when they try to fix exchange rates and adopt a common currency.
It argues that the political class in Europe is trapped in a destructive groupthink which prevents it from seeing their own policy failures. Millions are unemployed as a result and the member states are caught in a cycle of persistent stagnation and rising social instability.