Politická ekonomie 2016, 64(1):109-120 | DOI: 10.18267/j.polek.1057

Poučení z nerespektování elementárních pouček ekonomie - příklad řecké krize

Václav Klaus
Institut Václava Klause, o.p.s, Praha.

Lessons Learned from the Disregard of Elementary Axioms of Economics - an Example of Greek Crisis

The article in the context of the current Greek crisis analyses the consequences of forced unification, occurring in the European Union, at least since the Maastricht Treaty, which is now associated mainly with the process of monetary union. The current stage of European integration is based on political constructivism and it is characterized by the dominance of politics over economy, which in some aspects of the system resembles the communist economy system, which was an extreme distortion of the relationship between politics and economy. The unification model of European integration does not help the weaker European Union countries, for it forces them to use various forms of standardization that brings high (often hidden) costs (exceeding profits). The article notes that the main prize in the economy is the exchange rate. The reason for the imbalances within the monetary union is a non-optimal exchange rate for each member country - too overvalued rate of Greece, but also too undervalued rate of Germany. The text also discusses limitations (systemic and political) and inability to perform adequate internal devaluation and systematic (not just partial, parametric) reforms in Greece. The congenital structural differences among the EU countries and the impossibility of the exchange rate adaptation lead to a systemic Eurozone defect, which results in a fact, that it is not (and, in the present composition, it even cannot be) an optimal currency area.

Keywords: regulation, exchange rate, European unification, EMU, comparative economics
JEL classification: E02, E52, F32, F33, F36, H63, N40

Published: February 1, 2016  Show citation

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Klaus, V. (2016). Lessons Learned from the Disregard of Elementary Axioms of Economics - an Example of Greek Crisis. Politická ekonomie, 64(1), 109-120. doi: 10.18267/j.polek.1057
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