Bill Mitchell and Heikki Patomäki: The eurozone and other currency arrangements in a global economy

In what ways does the current form of the Economic and Monetary Union of the European Union (EMU) constrain economic policy space? What could EMU be at its best? What are the potential benefits and risks involved in monetary sovereignty? What kind of differences in economic policy space arise from different currency arrangements?

UH ATTAC, Rethinking Economics Finland and Talousdemokratia – Economic Democracy Finland warmly welcome you to the Eurozone and other currency arrangements in a global economy-webinar. The speakers are the world-renowned professors Bill Mitchell from the University of Newcastle and Heikki Patomäki from the University of Helsinki.
The event will begin with two short lectures from professors Mitchell and Patomäki, followed by a panel discussion chaired by Ari Slioor from Talousdemokratia – Economic Democracy Finland. The audience will also have the opportunity to ask questions towards the end of the discussion.
The event will begin at 11 am Helsinki time (CEST+1) and last approximately two hours.
The entire event will be held in English.

Facebook event: https://fb.me/e/QERuET9X

Photo: Nico Kaiser / Flickr / cc2.0.

---

CONTENTS:

Intro: Konsta Nylander

"EMU/eurozone" by Bill Mitchell (at 8.30 mins)

Speech structure (no slideset):

1. The capacities of a currency issuer and the consequences of using a foreign currency.

2. The dysfunctional architecture of the EMU - deliberately chosen to reinforce neoliberal ideological principles.

3. The reality that any crisis will always be worse in the EMU because of the monetary choices the architects made. A specific reference to the pandemic etc.

4. What are the options for reform? Federal Europe, etc

5. What are the chances of reform? Not good.

---

"Dreaming of a perfect currency" by Heikki patomäki (at 45 mins)

Slideset outline:

1. There is no perfect currency
2. Contestation over values: Theories of sociological and normative legitimacy
3. A simplification: Two categories of economic theories
4. Politics of the EMU: four interpretations
5. So far, agreement with MMT
6. The current situation with MMT
7. Two problematic political theoretical assumptions of the MMT
8. Some Problematic economic theoretical assumptions of the MMT
9. Politics of scale and of positioning in the world economy: The case of brexit
10. A historical perspective on the left-options after the Brexit
11. Politics of scale: national or cosmopolitan money-creation?
12. Different ways and scales of organising modern money-creation powers
13. There is no perfect currency
14. All of these combinations are possible
15. Paradoxes of left politics in the EU
16. In conclusion: global problems require global solutions

---

Panel discussion moderated by Ari Slioor (at 1.20h):

at 1.24 h: "The role of neoclassical economics at the university of Helsinki and the possibilities of introducing MMT there?

at 1.37 h: "If Finland were to return to back to it's own currency, what would be the external constraints then?

at 1.46 h: "How would dismantling the eurozone change Finland's position from the current one?"

at 1.56 h: "What are the possibilities of reforming the EMU?"

---

Questions from the audience by chat-moderator Niina Kari:

at 38 mins: "Could you explain how government spending and taxation occurs between the institutions involved meaning the treasury and the central bank?".

at 2.06 h: "Is it up to the ECB decide what volume of government bonds it buys and what rate of interest to set for each country?"

at 2.12 h: "Isn't MMT be compatible with any type of political regime not just democracy?"

at 2.14 h. "What are the possibilities of the developing countries to adopt MMT?"

Видео Bill Mitchell and Heikki Patomäki: The eurozone and other currency arrangements in a global economy канала TalousdemokratiaTV