Completing the Euro: The Euro Treasury and the Job Guarantee


  • Esteban Cruz-Hidalgo Universidad de Extremadura
  • Dirk H. Ehnts European University of Flensburg
  • Pavlina R. Tcherneva Bard College


The problems with the design of the Eurozone came into focus when, late in 2009, several member nations – notably Greece – failed to refinance their government debt. The crisis that followed was not entirely a surprise. When the Euro was launched in 1999, many economists warned that the single currency was unworkable. Even Eurozone optimists argued that the Euro project would eventually need to be completed. More than 10 years after the crisis, unemployment rates remain elevated and continuing to threaten the social, political and economic stability of the Eurozone. The institutional constraints of the single currency however preclude bold action to address these challenges. In this paper, we suggest that tackling the twin problems of the Eurozone – its institutional flaws and mass unemployment – could be addressed by creating a Euro Treasury that would finance a Job Guarantee program, which would eliminate mass unemployment, enhance price stability, and foster social and economic integration across Europe.




Cómo citar

Cruz-Hidalgo, E., Ehnts, D. H., & Tcherneva, P. R. (2021). Completing the Euro: The Euro Treasury and the Job Guarantee. Revista De Economía Crítica, 1(27), 100–111. Recuperado a partir de



20 años del Euro