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

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 thWhen 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.
The Euro How a Common Currency Threatens the Future of Europe 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 sup

  • Title: The Euro: How a Common Currency Threatens the Future of Europe
  • Author: Joseph E. Stiglitz
  • ISBN: 9780393254037
  • Page: 346
  • Format: ebook
  • 1 thought on “The Euro: How a Common Currency Threatens the Future of Europe”

    1. Long, impassioned analysis claiming that the euro is fatally flawed and doomed to fail, causing anemic growth before the 2008 crisis, and stifling recovery after it. even Germany, the darling of the Eurozone, is experiencing dismal growth compared to the rest of the world, and its own previous growth rates before adopting of the Euro in 2001. Stiglitz rightly claims that the Euro was instituted partly as a political deal (France agitated in favor of it after German reunification), and partly fro [...]

    2. There either has to be “more Europe” or “less.”Working as an English teacher in Spain gives you a certain insight into its economy. Immediately noticeable is the huge demand: seemingly everybody—adults, children, babies, retirees—wants to learn English. Finding work is less than effortless; you need to fend jobs off. The obvious explanation for this is the paucity of the available domestic jobs, and the undesirability of the jobs that do exist, leading many people to seek work elsewh [...]

    3. Stiglitz might be a bit too left-leaning for mainstream economic books consumers, and I have to say, I found his style to be a bit on the dry side, especially parts I to III: Europe in Crisis, Flawed from the Start and Misconceived Policies. Having said that however, the book is demand-side economics at its finest, and it would be a challange for the best of them to find flault in Stigltiz's analysis in these three parts. His critique of neoliberalism and his arguments - that at it's root, the E [...]

    4. 4 Stars - Great bookThis is an absolutely fascinating book that delves into the Euro and all the issues surround it and, according to Stiglitz, have encompassed the currency since day one. I know it doesn't sound like it, but this was an easy read. I've read one other book by Stiglitz and numerous articles/excerpts and none have disappointed. Here he writes in an intelligent, well thought out language but in an accessible way for someone who, like myself, is not an expert in the Euro and/or econ [...]

    5. Argh, I fooled myself again with a Stiglitz book. Only after getting it and going a bit through it did the deja-vu hit me to remember just how much I disliked the previous one. The subject matter was so interesting to me that I might've gotten it anyway but yeah, this one was a pain to go through. The boredom of some plane trips helped, though only to some extent as the problem I found with the book was not bad presentation or anything like that, just a particularly devious agenda hidden behind [...]

    6. There are two Joseph Stiglitzes: the brilliant economist and the repetitive polemicist.Unlike “The Price of Inequality,” a book wrapped by Stiglitz the rambling, Nobel-flashing celebrity blogger around the nucleus of a very incisive article written by Stiglitz the brilliant economist, this forward-planned, structured book is 100% the work of the brilliant economist. To be sure, he is starting to sound a lot like his alter ego, but the transformation is far from complete and what we have here [...]

    7. Joseph Stiglitz is in the pantheon of twentieth century economists—a superlative academic who earned the Nobel Prize in Economics, a top-level practitioner who served as chief economist for the World Bank. Stiglitz has taken and successfully defended positions outside the mainstream, including effective criticism of the concept and implementation of free trade—the bulwark of modern international trade policy. This is all to say that when Stiglitz speaks, we should listen.His 2016 book The Eu [...]

    8. If you can get through the 70% of this book that is a rambling polemic, there is some good stuff here, but you will have to persevere.On the one hand, Stiglitz presents a clear account of why currency areas don't work without (preferably created first) political and economic union (what Mundell famously posited in 1961 as A Theory of Optimum Currency Areas). The main thrust of Stiglitz's conclusion is that you either need more union (in particular, automatic fiscal transfer) or less union (eithe [...]

    9. In the wake of Brexit, the preservation of the European project has become the current cause celebre among the continent's (and to a lesser extent the world's) center-left. You know, people like my parents. What Stiglitz argues is that the EU was indeed constructed with noble aims, and that European integration is indeed a project worth pursuing, but the architecture of EU merely reproduces the desires and ideology of the ruling class, any real economic evidence be damned, and run in complete ob [...]

    10. Διαφωτιστικό, σαν διάλεξη σε αμφιθέατρο περί οικονομικών.

    11. The problem with the Europe is the euro, or more precisely, the creation of the single currency without establishing a set of institutions that would enable Europe’s diversity to function effectively with a single currency. Yet, the euro is still worth salvaging, says Joseph Stiglitz in his book The Euro: And its Threat to the Future of Europe.The eurozone was flawed at birth, argues Stiglitz. While the euro was a political project, the “political cohesion” – especially the implementatio [...]

    12. The Euro is a means to an end, not an end in itself! Will the future of Europe be threatened by this common currency? What are some lessons for globalization as it sets free all of the four input factors of production - capital, labor, and technology, except for land and makes them mobile across and beyond borders? Will globalization become an evolving system of global governance without a global government? This book will take us through the journey of Euro creation and all the policy implicati [...]

    13. WITH the project of the European Union, humanity seemed to be striding in the right direction with the de jure elimination of borders and the forgetting of old animosities among historical rivals. But little did anyone fathom the economic shenanigans that formulating a currency union and convergence criteria would impose on the eurozone (countries that adopted the single currency of the euro). Then came the 2008 financial crisis, the economic hardships faced by Greece, Spain, and many other euro [...]

    14. The book manages to explain the problems with and possible solutions for the Euro. The author manages to do so clearly, while also staying far away from European populism and without poking at any party involved in the Euro.What I would have liked to read more of in this book are comparisons of fundamentals between the eurozone and other interesting countries/currency blocks. The author did discuss Argentina, but did not focus on the numbers. The author completely failed to analyze or even menti [...]

    15. I'm not sure what audience Stiglitz is trying to address with this book. The economic parts of the analysis are simplified to such an extent that your little nephew can understand the theories (which also leads to misinterpretation), the examples are very partial (focusing on dairy and medicines out of a package of hundreds of reforms), the repetion of his arguments seems appropriate mainly for readers with advanced-stage Alzheimers', the solutions presented are highly academic in nature (what's [...]

    16. This should be mandatory reading for every policymaker in Europe. It shows how the euro is structurally flawed (has been since its foundation) and needs either 1) drastic institutional reforms (including a banking union and several other recommendations to create stability and boost growth) 2) what Stiglitz calls an "amicable divorce" (eg, the creation of 2 or 3 currency zones) or 3) a move to a "flexible" euro where members' currencies can fluctuate against each other but within specified bound [...]

    17. Greece, Spain, Italy, Cyprus, A long list of countries who regret by now they have ever joined the euro. Stiglitz clearly explains why the currency does not bring prosperity, unity and peace on the continent. It has too many flaws. Quite bad is the architects already knew these but used the euro for political reasons.Stiglitz is right: euro is at a crossroad. Either it agrees to fully integrate (but then many of the flaws will still exist due to historical reasons (lack of labour mobility to nam [...]

    18. My only true criticism of this book is that Stigler wrote it for a broad audience. In general, that's a good quality, but in this case I would have appreciated a more rigorous analysis that didn't stint on econometrics as well as pure mathematic analysis. I think this is a good introduction to the issue, but political economists like Daniel Verdier have warned the public about how the euro could easily result in disasters like a currency snake since the late 1980s. I hoped Stigler would add a bi [...]

    19. This would be better titled "How the Euro is destroying Greece". There are some good explanations of the failures of the Eurozone, but this is a very difficult book. I listened to the audio version and it was very monotonous. I already had some understanding of how currency valuations affect economies. The author's recommendation of a European chit system to manage imports and exports would probably lead to robust black markets rather than the outcomes that Stiglitz foresees. Other than that, no [...]

    20. This is an important book, full of serious, grand, solidly founded arguments. These arguments are ultimately at the service of a set of beliefs I can’t identify with, even if I can understand where they come from, so I have fundamental issues with some of the reasoning advanced herein, but Joseph Eugene Stiglitz, Nobel Prize in Economics, Professor of Economics at Columbia University, former Chief Economist of the World Bank, former Chairman of the Council of Economic Advisers, esteemed friend [...]

    21. Excellent analysis of the structural failures of the Euro beginning from its inception to the recent crisis in Greece, Ireland, Portugal, and Spain. The 2010 Euro crisis has had many devastating effects on Europe's periphery countries. Greece's GDP is 27% below where it was nearly a decade ago and its youth unemployment rate is extremely high. Stiglitz The Euro does an excellent job of examining the neoliberal economic thoughts from which the Euro was born that have driven many of the problems. [...]

    22. Even though i hated this book, i managed to get on top of it just because i didnt want to feel regretful about the money i spent for it. All in all, this book is very very poor developed and the whole idea of the book pretty much revolves around only one (or two) ideas. 400 + pages for one idea with lengthy explanations seemed too much and unnecessary for me. Whole message that the author wants to bring to the reader can be packed in a very decent 10 page essay (or even less). That is why the bo [...]

    23. If you really want to know what are the causes of European economic stagnation, high unemployment, political divisions, you should read this, no matter what your political opinions are. Stiglitz is a very decent man and a very good economist. He really offers realistic images and explanations of the problems, unlike many of the economists on the right side of the political spectrum, which seem to think that we live in a fantasy world when everything takes care of everything else. Stiglitz expose [...]

    24. Stiglitz is pretty clear on his views about the Euro crisis and is very critical and sceptical of the very principles of its formation. This book just presents his 'one' perspective on a multi-dimensional, complex issue. I felt that the concepts and views that could have been a series of short essays have been compiled into a book and a very repetitive, unnecessarily long explanations were added to make it a decent sized paperback. Research, theory, the "other" perspectives are all skipped in fa [...]

    25. Първата книга с икономическа насоченост, която прочетох. Определено ме вдъхнови да продължавам да чета такава литература. Стиглиц разгръща проблеми и въпроси важни на светоено ниво, логически изложени и аргументирани решения и много интересни наблюдения. Стилът му е изкл [...]

    26. This helped me understand the mismatch between the coordinated monetary policy in the eurozone, but the lack of coordination of fiscal policy. Stiglitz's solution is to either add "more Europe" and form a tighter fiscal union, or "less Europe", and divide the euro into multiple currencies that float relative to one another.

    27. Basically, the Euro was probably well intentioned but did exactly opposite what it was supposed to, destroying value overall and still somehow benefiting the wealthy. Sounds like what is going on worldwide. Oh, and austerity is the devil!

    28. very critical towards euro. The author gives a lot of technical reasons on why euro won't work in the current state of affairs. Some o the arguments are hard to verify to a layman (like me). All together it ain't very optimistic.

    29. Thoroughly engaging for those interested in monetary economicso, international trade and politics. A must read.

    30. It's a decent read, especially for those who are not economists. However the book could be shortened as there is a lot of repetition and at times it gets tedious so whole pages could be skipped.

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