Excerpt from the Italian economists’ joint letter

We believe … that the present direction of economic policy may soon prove to be unsustainable. If the conditions do not exist for the realisation of a development plan based on the objectives outlined, there will be an extemely high risk of debt-driven deflation and the consequent disintegration of the euro zone. This is because some countries could be sucked into a vicious spiral, caused by short-sighted national “austerity” policies and the resulting pressure of speculation. At a certain point these countries could be forced out of the monetary union or could deliberately decide to leave it in order to try to create their own economic policies in defence of internal markets, incomes and employment. If things actually went in that direction, it is obvious they would not necessarily be seen as the main culprits for the crisis of the European union.

(Emphasis in the original. Full text at the official website. )

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