Politics of European Monetary Union-Class, Ideology and Critique

Class, Ideology and Critique Werner Bonefeld The European Monetary Union has to be looked at against the background of the crisis-ridden development of capital accumulation since the early 1970s. The attempt at creating a zone of monetary stability in Europe and the worldwide crisis of capitalist accumulation belong together. EMU amounts to an institutional attempt at buttressing domestic policies of austerity with a supranational anchor and the establishment of an anti- inflationary police force that seeks to protect member states from speculative runs by securing the right of private property internally, It moreover seeks to de-politicise the attack on labour movements and to reinforce and exploit its regional and national fragmentation.