On 11 November an article written by Emeritus Professor of Economics Malcolm Sawyer was published online by the blogs Triple Crisis and Naked Capitalism. In the article Professor Sawyer and co-author Philip Arestis discuss how the adoption of the single currency has affected countries in the Eurozone.
The article entitled "Why Does the Euro Area Have Such Low Growth and High Unemployment?" examines annual growth and unemployment rates of countries in Europe.
Professor Sawyer commented: "There are no doubts, and many reasons, for the poor performance of most of the euro-area economies. Yet the austerity policy agenda (from the Stability and Growth Pact, the “fiscal compact,” etc., with the drives for balanced budgets), the pursuit of “structural reforms,” and the failures to address the current account constraints on euro-area member countries have all contributed to the lacklustre economic performance."