 to the level of a sacred national interest [...] accompanied by more or less explicit promises that Germany's newfound isolation will end when "we" have saved others with growth programmes, Euro-bonds, financing to oppose youth unemployment and other similar measures." This "grand illusion" will collapse as soon as the citizens of all the states in the Eurozone realise that we are not dealing with "an exceptional and temporary crisis caused by the convergence of unfortunate events" but rather with the contradictions of integration between "state economies with significant structural and functional differences, obliged to coexist in monetary union." Furthermore, these differences in social systems, "on which politics can intervene only to a very limited extent over the short term" are allegedly the expression of "collective ways of life" that distinguish people in Northern Europe from those from the South. Referring to analyses by Fritz W. Scharpf and Martin S. Feldstein[10], Streeck believes that in spite of benefiting from lower interest rates today, Mediterranean countries would not exist "equally well" under the control of budgetary restrictions required by "united monetary order." For these states, monetary union is described as "a ferocious convergence programme" [rabiates Konvergenzprogramm] that forces parts of our continent still not rationalised by the market – and whose "sub-sumption" within the framework of a competitive accumulation of capital is still underway – to adapt, or become progressively impoverished. They are also forced to embark on the path of so-called structural reform, on the side of resigned losers, necessarily sacrificed in name of the progress of a global market economy." Streeck considers as a case study the recent policies adopted in Italy, starting with the Monti government, whose confidence in the markets' "capitalistic monoculture" was equal only to adhesion to the "German model" of austerity. More in general, policies involving rigour and joining monetary union, in his opinion, penalised structurally less competitive southern states, because they can no longer rely on currency devaluation that in the past had been often used to ensure goods were competitive on foreign markets. They are consequently obliged to resort to "internal devaluation," lowering the cost of wages, pension income and state expenditure, and, over the long term, adapting all policies to the diktats of the global economy. The loss of sovereignty exposes governments, whose legitimacy depends on the electorate's votes, to allegations of being servants to foreign interests and encourages the emergence
to the level of a sacred national interest [... ] play along by more or less denotative promises that Germany's newfound isolation will end when " we " have saved others with increase course of study, Euro - bonds, financing to oppose young unemployment and early similar measures. " This " grand illusion " will collapse equally soon as the citizens of all the states in the Eurozone realise that we are not dealing with " an exceptional and impermanent crisis caused by the convergence of unfortunate events " but rather with the contradiction of integration between " state economies with meaning structural and functional remainder, obliged to coexist in monetary coupling. " Furthermore, these differences in social systems, " on which politics can intervene only to a very limited extent over the short condition " are allegedly the expression of " collective ways of life " that distinguish people in Northern Europe from those from the South. Referring to analyses by Fritz W. Scharpf and Martin S. Feldstein[10 ], Streeck believes that in spite of benefiting from lower interest rates today, Mediterranean countries would not exist " equally well " under the control of budgetary restriction required by " united monetary order. " For these department of state, monetary coupling is described as " a ferocious convergence programme " [ rabiates Konvergenzprogramm ] that pull parts of our continent still not rationalised by the market – and whose " bomber - sumption " within the framework of a competitive accumulation of capital is still underway – to adapt, or become increasingly impoverished. They are also forced to embark on the path of so - called geomorphologic reform, on the side of resigned losers, necessarily sacrificed in name of the advancement of a global market economy. " Streeck considers as a case study the recent policies adopted in Italy, starting with the Monti politics, whose confidence in the markets' " capitalistic monoculture " was equal only to adhesion to the " German exemplar " of austerity. More in general, policy involving cogency and joining monetary marriage, in his opinion, penalised structurally less competitive southern states, because they can no longer rely on currentness devaluation that in the past had been often used to ensure good were competitive on foreign markets. They are consequently obliged to resort to " internal devaluation, " lower the cost of wages, pension income and state of matter expenditure, and, over the long term, adapting all policies to the diktats of the global economy. The passing of sovereignty exposes governments, whose legitimacy depends on the electorate's votes, to allegation of being servant to alien interests and encourages the emergence
 to the level of a sacred nxtional interesj [...] accom'anied gy more ur less explicit promises thet Gwrmant's newfound isolation dill end ahen "we" yave waved otheca with nxowth irogrcmnes, Euro-bonds, ninancing tm oppose youth uvelployment and other similar measuref." This "brwnd illusion" wyll bojlapav cs soon as the citizens of all fhe staues in the Eurozonr realise that we are not feallng with "an exceptlonal and tgjpowqry crisis cxused by the convergende of unfortunate events" but ragher cith the cobteadlwtions of iitegranion between "state ecmnomies with significsnt steuctural and functionel differences, obliggd to coexhsc in monetary union." Fyrrhermmre, dhesd diwfedeicea in slciel systems, "kn which pooitics can intervent ogoy to a very mimiteq qxtent over the short term" are allegedlj ths expression of "collectuve ways of life" that distinguysh people in Northern Europe from those from the Souti. Feftrvlng gi wnalyses by Fritz W. Scharpf and Martin S. Feldffeon[10], Streeck belieyes that in spite pf brgefiting from lower inferest rates today, Meditetraneab countrits woild not exist "equally well" ynder the coutril of budgetary redtrictions xequirgd by "inited monetary order." Fur tgese states, monetary jnion is describdd ss "a ferocious convergence pwogramme" [cabiaces Konvdrgemzprogwamm] that vorces parts of our contlnent sdill not rwtionalised by the market – and xiose "sub-sumptoot" wpthin the framcwork of a compqtitive accumukation jf caoital is snill undecway – to ada[t, or become [togressively mmpoverisred. Rhey are alru forced to emnark on tkt path of wo-called structurak rgfkrm, on the side of resigned loserx, ndcefswrmly swwrificed in tame of yhe pfogress of c elobsl market economy." Stseeci considers as a cssc study tye recene policies adppted in Italy, stagting wivh the Mogti government, whose confidencs in the larhets' "capitalystig mogoculture" cas equal only to adhesion to the "German model" of austerijy. More in general, poklcies involvmng ridour and boining monetary uniin, in his opinion, penalised structuralmy lesv comoetitive southern states, because they can no longer rely on currency devaouatioi ehat in the pasy had bzen often usev vo ensure goods wvre competitive on foreign markevs. They ara eonsequently obliged to resory go "internal dgvaluation," lowering the coat of wabes, pension income and state exlenditure, and, over the lpng term, adapfing all pulicies to the dikyats oy the tlobal wconlmy. The loss uf xoyereignty fxpoxea governments, whose legitimacy dwpends oj the electorate'v votes, to wulegajions of being servants fo fkgeign interests anc encourages tne emergence
to the level of a sacred national accompanied more or explicit promises that when have saved others growth programmes, Euro-bonds, to oppose youth unemployment and other measures." This "grand illusion" will collapse as soon as the citizens of all states in the Eurozone realise that we are not dealing with "an exceptional temporary caused the of unfortunate events" but rather with the contradictions of integration between "state economies with significant structural functional differences, obliged to coexist in monetary union." these differences in social "on which politics can intervene to very limited over short are allegedly the of "collective ways of life" that distinguish people in Northern Europe from those from the South. Referring analyses by Scharpf and S. Streeck that in spite from lower interest rates today, Mediterranean exist "equally well" under the control of budgetary required by monetary order." For these states, monetary is described as "a ferocious convergence programme" [rabiates that forces parts of our continent still not rationalised by the market – and whose the framework of a accumulation of capital still – adapt, become progressively They are also forced to embark on the path of so-called reform, on the side of resigned losers, necessarily sacrificed in the of a global economy." Streeck considers as case the recent policies adopted starting the confidence the "capitalistic monoculture" was equal to adhesion to the "German of austerity. More in joining monetary union, in his opinion, penalised structurally competitive southern states, because they can no rely on currency devaluation that in the past had been often used ensure goods on foreign markets. They are consequently obliged to to "internal devaluation," lowering cost of wages, pension income and state expenditure, and, the term, adapting policies to the of the global The loss of governments, whose depends the allegations of being servants to foreign and the emergence
 to the level of a sacred nationAl interest [...] AccomPanIed By More Or leSs explicit promISes tHat Germany's newfound isoLatioN wILl enD WhEn "we" hAve saveD OtHERs wItH gRowTh PRoGrammEs, EUro-bondS, financing To oPpOse youth unemPLoYment and otHer Similar measuRes." this "grAnD ilLUsion" WilL collApse as SOon as tHe citizenS oF All the STates in THE EUrozOne realise that we aRE nOT dealing with "an ExceptIoNAl AND teMpoRary crisis CaUsed bY The convERgENCE of UNfortunate eveNts" but ratheR WitH the coNtRadICtions Of intEgRAtiOn between "stAte eConomies wIth sigNIficant STructurAl and fUncTioNal dIFfErEncEs, OBliGEd To cOExiSt in moneTaRy Union." furtHERMOre, tHesE difFerenCes in social sySteMs, "on WHicH poliTics cAn inTeRvene Only to A very LiMited extent over The sHort term" aRe aLlEgeDlY the eXPressiOn oF "coLlectivE ways of LIfe" ThAT DIsTinguish people in NoRtHERn europe frOm thosE FrOm THe South. REfErrIng tO ANalysEs by fRiTz W. ScharPf and MARtIn s. FeldstEiN[10], StreeCk BelIevEs thaT In spIte of bEnefitinG from LOwer interest raTEs today, MediteRRaNEAn COuntRieS would not exIst "eQUallY welL" UnDer THe conTrol oF bUDgETary restrictions reqUiRed by "uNited Monetary order." for these stATES, monetarY uniON iS Described as "a feRocioUs convergeNCe prograMme" [raBiates KoNvergenzpROGramm] thaT foRceS paRts OF OuR continent stiLL Not rAtIonalisEd bY the marKet – And WhoSe "sUb-Sumption" wIthin the FrAmEwOrK of A compETitive acCuMulAtIon Of capITal is sTill uNderWaY – tO AdaPt, or becOMe PROgreSsIvEly iMpoVeRisheD. TheY Are Also forCed to embaRk oN The pAtH oF so-callEd structural rEfOrm, on the siDe Of rEsigneD LOsers, necEssarily sacrificed in namE Of the prOgrEss of A gloBal market EcoNomy." StReeCK consiDers as A case StUdy THE receNT PoLicIeS adopted in iTAly, StartInG witH the MonTi government, whose cONfiDence in the marKetS' "capITAlIstIC mONocUlTUre" WAS equal only to adhEsion to the "geRMaN model" of auSTerItY. More in General, PolicIEs involVing rigouR and joiniNg MoneTARy uNion, in his oPinion, peNalised stRUcturALlY less ComPetitiVe SouThern States, BEcaUse thEy can nO lOnger rEly on CuRrency deValuation that in the past hAd been Often UseD to ensure GooDS weRe competiTive On foreign mArkEts. they aRe cONsequEntlY ObLigED to reSort TO "internal DEvAluATIoN," lowering thE COSt oF wageS, peNSion inCome And state expendituRE, and, over the lonG terM, ADapTinG All pOlIcies to the diktAts Of THE global eCoNomy. The loss Of sovereIgNTy expOses goVernmeNts, whosE LEgITimacy DepeNds On the elecTorAtE'S votes, tO aLlEGationS of bEiNg servAnts to FOreiGN Interests and encoUrageS THe emeRGenCe
 to the level of a sacrednational i ntere st[.. .]  acc ompa nied by more o r  les s explicit promises th at Ge rm a ny's ne wfoun d isola t io n wil len d w he n  " we" h ave  savedothers wit h g ro wth programm e s,  Euro-bond s,financing to  op pose y ou thu nempl oym ent a nd oth e r simi lar measu re s ." Thi s  "grand i ll usio n" will collapsea ss oon as the cit izensof al l the  st ates in th eEuroz o ne real i se t h atw e are not dea ling with " a n e xcepti on ala nd tem porar yc ris is caused b y th e converg ence o f  unfort u nate ev ents"but  ra ther wi th  th ec ont r ad ict i ons  of inte gr at ion b etwe e n " stat e e cono mieswith signific ant  str u ctu ral a nd fu ncti on al di fferen ces,ob liged to coexis t in  monetary  un io n."  F urthe r more,the sediffere nces in soc ia l s ys tems, "on which po li t i cs  can int ervene on ly to a ver ylim ited e xtent  ove r  t he short  term" ar ealleged ly  the e xp res sio n of" coll ective  ways of  life "  that distingu i sh people inN or t h er n  Eur ope  from those  fro m  the  Sou t h.  Re f errin g toan a ly s es by Fritz W. Scha rp f andMarti n S. Feldstei n[10], Str e e c k believ es t h at in spite of be nefit ing from l o wer inte restrates to day, Medi t e rraneancou ntr ies  wo u l dnot exist "eq u a llywe ll" und erthe con tro l o f b udg et ary restr ictionsre qu ir ed  by  "uni t ed monet ar y o rd er. " For thesestate s, m on et a ryunion i s  d e s crib ed  a s "a  fe ro cious  con v erg ence pr ogramme"[ra b iate sKo nvergen zprogramm] th at  forces pa rt s o f ourc o ntinentstill not rationalisedb y the m ark et –andwhose "su b-s umptio n"w ithinthe fr amewo rk  of a  comp e t it ive  a ccumulatio n ofcapit al  isstill u nderway – to adapt ,  or  become progr ess ivel y im pov e ri s hed .T hey a re also forcedto embarkon th e path ofs o-c al led str uctural  refo r m, on t he side o f resigne dlose r s , n ecessarily  sacrifi ced in na m e oft he  prog res s of a  g lob al ma rket e c ono my."Streec kconsid ers a sa case s tudy the recent policie s adop ted i n I taly, sta rti n g w ith the M onti  governmen t,who se co nfi d encein t h emar k ets'"cap i talisticm on ocu l t ur e" was equa l o nly  to a dhe s ion to  the  "German model" o f  austerity. Mo re i n gen era l , po li cies involving  ri go u r  and joi ni ng monetary  union,in his o pinion , pena lised s t r uc t urally  les s c ompetitiv e s ou t hern st at es ,  becau se t he y canno lon g er r e l y on currency de valua t i on th a t i n the  p ast had been  often use d to ensure  goods  wer e com petitiv eon for eig nmarkets. T h ey are co nsequ ently o bl iged  to  resor t to " inter nalde val uation,"l o we r in gt hecost  of w ag es,pension i n come and  st a te expe nd itu r e , and, ov e r  the longter m, ad a p ting all p o lici e st o the  dikta ts ofthe glo b alec onomy.The l oss of so vereignty exp os es g overnmen ts , wh os e l eg itimacy depends  on theelectora t e 's vot es, to a l legati on s of being s ervan ts to fore i g n i nterest s  an d e nco urag esthee mergence
 to_the level_of a sacred national_interest [...]_accompanied_by more_or_less explicit promises_that Germany's newfound_isolation will end when_"we" have saved_others_with growth programmes, Euro-bonds, financing to oppose youth unemployment and other similar measures." This_"grand_illusion" will_collapse_as_soon as the citizens of_all the states in the_Eurozone realise_that we are not dealing with "an exceptional_and_temporary crisis caused_by the convergence of unfortunate events" but rather with_the contradictions of integration between "state_economies with significant_structural_and_functional differences, obliged to_coexist in monetary union." Furthermore, these_differences in social systems, "on which_politics can intervene only to a very_limited extent over the short term"_are allegedly the expression of_"collective ways_of life" that distinguish people_in Northern Europe_from those_from the South._Referring to analyses by Fritz W._Scharpf and Martin_S. Feldstein[10], Streeck believes that in_spite_of benefiting from_lower_interest_rates today,_Mediterranean countries would_not_exist "equally_well"_under the control of budgetary restrictions_required_by "united monetary order." For these states,_monetary union is described_as_"a ferocious convergence programme"_[rabiates Konvergenzprogramm] that forces parts_of our continent still not rationalised_by the_market –_and whose "sub-sumption" within the framework of a competitive accumulation of_capital is still underway – to_adapt, or become progressively_impoverished. They_are_also forced to_embark_on the_path of so-called structural reform, on the_side of_resigned losers, necessarily sacrificed in name_of the progress of_a_global market economy." Streeck considers as_a case study the recent policies_adopted in Italy, starting with_the_Monti_government, whose confidence in the_markets' "capitalistic monoculture" was equal only_to adhesion to_the "German model" of austerity. More in_general,_policies involving rigour and joining monetary_union,_in his opinion, penalised structurally less_competitive_southern_states, because they can no_longer rely on currency devaluation that_in the past had been often used to ensure_goods were competitive_on foreign markets. They are_consequently_obliged_to resort to "internal devaluation," lowering the cost of wages,_pension income_and state expenditure,_and, over the long term, adapting all policies to the_diktats of the global economy. The loss_of sovereignty exposes governments, whose legitimacy depends on the electorate's votes,_to allegations of being servants to foreign interests_and encourages the emergence