Success and Crisis of European Integration: The Role of Economic Theory and Expert Representations

Whereas Keynesian theory placed emphasis upon the positive role of public policies in reducing capitalism's intrinsic instability and inegalitarian nature, current classical macroeconomics postulates the contrary. The majority of economists have therefore been unable to understand the disequilibria associated with the combination of the euro with financial deregulation and high capital mobility across member states. The representations and cognitive maps of experts and policy makers have clearly played a role in a process that, from success, has evolved into failure