He announces a crisis, which he believes will be both political and economic, unless the Eurozone countries decide to move toward a full-fledged federalism or to dissolve the Euro zone calmly. The extent of the doubts expressed as to the ability of the Euro to survive, and to function effectively, is now well established. (2007), are estimating the UEM positive effect to 3% at best. More recently, it was Alberto Bagnai who called the Euro defeat of the economists.It is interesting to see that these criticisms come from authors who are faithful to the theoretical framework of the New Monetary Consensus, and from more heterodox authors.
Doubts as to the stability and sustainability of the single currency came early and were the work of reputed economists.
These include the works of Flassbeck and Lapavitsas (2013), or the contribution of Kawalec and Pytlarczyk (2013).
Some of this work has focused on the euro zone crisis, or on the imbalances induced by the Euro and their consequences on the economic policies of the countries of the Eurozone.
Some have spoken on this issue before the implementation of the Euro, such as Rudiger Dornbush (1996), or Gérard Lafay (Lafay, 1998) and jean-Jacques Rosa (Rosa, 1999).
Dornbush however had clearly identified the transfer to the labour market and the production of tensions that could no longer be removed by adjustments of exchange rates.