The book provides a new framework for the analysis of the economic crisis that is shaking the countries participating in the European Monetary Union.

The analysis goes beyond the short-term, to study the medium and long-term relations between 'core' countries (in particular Germany) and Southern European 'peripheral' countries. The policy implications differ in many respects from the policies suggested by both mainstream and Keynesian approaches that have so far dominate the debates on the economic policy alternatives. The book focuses instead on how product-led competitiveness can...