In 2010, the 2008 global financial crisis morphed into the "eurocrisis". It has not abated. The 19 countries of Europe that share the euro currency - the eurozone - have been rocked by economic stagnation and debt crises. Some countries have been in depression for years while the governing powers of the eurozone have careened from emergency to emergency, most notably in Greece.
In The Euro, Nobel Prize-winning economist and best-selling author Joseph E. Stiglitz dismantles the prevailing consensus around what ails Europe, demolishing the champions of austerity while offering a series of plans that can rescue the continent - and the world - from further devastation.
Hailed by its architects as a lever that would bring Europe together and promote prosperity, the euro has done the opposite. As Stiglitz persuasively argues, the crises revealed the shortcomings of the euro. Europe's stagnation and bleak outlook are direct results of the fundamental challenges in having a diverse group of countries share a common currency - the euro was flawed at birth, with economic integration outpacing political integration. Stiglitz shows how the current structure promotes divergence rather than convergence. The question, then, is: Can the euro be saved?
After laying bare the European Central Bank's misguided inflation-only mandate and explaining how eurozone policies, especially toward the crisis countries, have further exposed the zone's flawed design, Stiglitz outlines three possible ways forward: fundamental reforms in the structure of the eurozone and the policies imposed on the member countries; a well-managed end to the single-currency euro experiment; or a bold, new system dubbed the "flexible euro".
With its lessons for globalization in a world economy ever more deeply connected, The Euro is urgent and essential listening.
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Von Marc Dierckx Am hilfreichsten 17.02.2018
Living a dream
Who has never imagined to realize a dream and experienced that when it finally becomes true, the unintended, annoying and untold parts become visible and the immediate exit seems to be the best solution? Joseph Stiglitz tells this kind of story about the dream of European unity with the Euro as its crowning element. A crowning element that is heavy and the heads for which it is intended are either unprepared or even not capable of supporting. The crown is thus being passed around, even forcibly to the unfit with a threat of a non compliance fee. So no surprise that some heads are looking for an escape, while others are taking their strong heads as a divine gift and enjoy the accumulation of fees. But exactly the avoidance of a preliminary end through the abolishment of the fees and some more support from the stronger heads is Joseph Stigliz's plea. Since in the end the dream is not nightmare but a vision of a land of milk and honey and the beauty of the crown more than just aesthetics.