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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 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.
Customer ReviewsMost Helpful
By John on 05-07-17
What disappointed you about The Euro?
This is a treatment free of data, analysis, theory, or anything other than vacuous polemics.
Almost the first hour of this thing is taken up by the author citing the many commissions on which he has served on, the many important people he has met, the books he has written, the schools he has taught at, etc., etc., ad nauseum. This must qualify as the most pompous, tedious introduction in the history of "literature" (to abuse that term in the present case).
Following the introduction there is a torrent of abuse aimed at free market economics, and
at Germany, endlessly and tirelessly repeated, but without anything substantive to back it up. The author must think that if he repeats the same assertions enough times that translates into an argument.
If I were a professor at Columbia, where this fellow says he teaches, and a student handed in this thing, I would flunk him.
Don't waste your time.
What character would you cut from The Euro?
3 of 3 people found this review helpful
By Hectoris on 09-28-17
Good Basic Premise but with wacky ideas thrown in.
His view on the Euro and its failings is first rate, especially the highlights on Greece e.g. 80% of the Greek bail out went to repay German banks on Greece's nickel. .
The book however is inter-spaced with anti free market propaganda which doesn't actually stack up; and which the listener needs to put in brackets as they listen
If he had left his Marxist soapbox oratory out and stuck to facts concerning the Euro it would be a briefer and better listen.
Again in the last chapters his basic premise on the having a regional Euro system, make great deal of sense then he throws in a completely unworkable system of his own devices that take away from the impact of his good ideas.
The final takeaway from this book however is a warning as to Germany's clear ambition to conquer Europe by financial means, after failing twice in the last century by militarily means.
1 of 1 people found this review helpful