Reconstructing the Eurozone: The Role of EU Social Policy

Call to Europe III, Conference Paper on building European Solidarity

Paul Teague

A wide consensus exists that European monetary union as presently constituted is unsustainable. Most of the internal tensions currently being experienced by the Eurozone can be traced back to political errors made when it was first being constructed. At the time, Germany was of the view that a common currency should only be introduced after a very high degree of economic integration and convergence had been achieved.