The Euro by Joseph E. Stiglitz
How a Common Currency Threatens the Future of Europe

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That economic union can and should be saved, he writes, but only if it truly means the creation of “the shared prosperity and solidarity that was part of the promise of the euro.” A cogent and urgent argument of compelling interest to economists and policymakers.
-Kirkus

Synopsis

Can Europe prosper without the euro?

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.

 

About Joseph E. Stiglitz

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Winner of the 2001 Nobel Memorial Prize for Economics, Joseph E. Stiglitz is the best-selling author of Making Globalization Work; Globalization and Its Discontents; and, with Linda Bilmes, The Three Trillion Dollar War. He was chairman of President Clinton's Council of Economic Advisers and served as senior vice president and chief economist at the World Bank. He teaches at Columbia University and lives in New York City.
 
Published August 16, 2016 by W. W. Norton & Company. 426 pages
Genres: Business & Economics, Political & Social Sciences. Non-fiction
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Critic reviews for The Euro
All: 4 | Positive: 3 | Negative: 1

Kirkus

Good
on Jun 01 2016

That economic union can and should be saved, he writes, but only if it truly means the creation of “the shared prosperity and solidarity that was part of the promise of the euro.” A cogent and urgent argument of compelling interest to economists and policymakers.

Read Full Review of The Euro: How a Common Curren... | See more reviews from Kirkus

NY Times

Above average
Reviewed by Roger Lowenstein on Aug 16 2016

His bias against wealthy European states, Germany in particular, subtly infects the book...None of this undermines Stiglitz’s argument that Europe needs a redivision of currencies to rebalance trade.

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Washington Times

Below average
Reviewed by Aram Bakshian Jr. on Oct 02 2016

You have to wait until page 315 of Mr. Stiglitz’s “The Euro” to get to the point of both his book and the crisis it claims to explain.

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The Economist

Above average
on Aug 20 2016

Mr Stiglitz is not the first economist to make dark predictions about the euro, though it is clear that he favours its success. A fuller reckoning of the blame for the mess the euro zone is in would not undermine Mr Stiglitz’s main arguments; it would strengthen them.

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