The Euro: How a Common Currency Threatens the Future of Europe

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9780393354102: The Euro: How a Common Currency Threatens the Future of Europe
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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 a direct result 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 reading.

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Review:

[Stiglitz] is surely right. Without a radical overhaul of its workings, the euro seems all but certain to fail.

Terrific and clarifying.--Peter Goodman

Many of Mr. Stiglitz's most damning observations are on target.

The euro is a modern tragedy....As its embarrassments have mounted, its supporters club has teemed with political romantics and Europhile journalists. Stiglitz's message to such people is that they are inadvertently destroying what they most cherish.--Paul Collier

Stiglitz lucidly and forcefully argues that [the euro] was an economic experiment of unprecedented magnitude.... [He] gives a detailed and persuasive list of measures that would help save the euro.--John Lanchester

Stiglitz's verdict is convincing.... We should brace ourselves, over the next few years, for what may be a difficult economic divorce.--Rana Foroohar

Much more than a demolition job. These chapters are full of constructive proposals--a glimpse of what the 'rescues' would have looked like had the troika, perish the thought, hired their critic Stiglitz to design them.--Marin Sandbu

Cogent.... Stiglitz's prescription is compelling.--Bethany McLean

Stiglitz seeks to salvage the Eurozone experiment and the future of globalized Europe. And not a moment too soon!--Anderson Tepper

Stiglitz argues with his customary force and lucidity that adopting a single European currency was a fatal error.--Jeet Heer

About the Author:

Joseph E. Stiglitz is a Nobel Prize-winning economist and the best-selling author of The Great Divide, Rewriting the Rules of the American Economy, The Price of Inequality, Freefall: America, Free Markets, and the Sinking of the World Economy, and Globalization and Its Discontents. He is a columnist for the New York Times and Project Syndicate and has written for Vanity Fair, Politico, The Atlantic, and Harper's. He teaches at Columbia University and lives in New York City.

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9780393254020: The Euro: How a Common Currency Threatens the Future of Europe

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Book Description WW Norton & Co, United States, 2017. Paperback. Condition: New. Updated. Language: English. Brand new Book. When Nobel Prize-winning economist Joseph E. Stiglitz posed this question in the original edition of The Euro, he lent much-needed clarity to a global debate that continues to this day. The euro was supposed to unify Europe and promote prosperity; in fact, it has done just the opposite. To save the European project, the euro may have to be abandoned. Since 2010, many of the 19 countries of Europe that share the euro currency-the eurozone-have been rocked by debt crises and mired in lasting stagnation, and the divergence between stronger and weaker economies has accelerated. In The Euro, Joseph E. Stiglitz explains precisely why the eurozone has performed so poorly, so different from the expectations at its launch: at the core of the failure is the structure of the eurozone itself, the rules by which it is governed. Stiglitz reveals three potential paths forward: drastic structural reforms, not of the individual countries, but of the eurozone; a well-managed dissolution of the euro; or a bold new system dubbed the "flexible euro." With trenchant analysis-and brand new material on Brexit-The Euro is urgent and timely reading. Seller Inventory # BZV9780393354102

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