In a book to be published next week, ‘The Euro: How a Common Currency Threatens the Future of Europe,' (an extract of which has been published by The Guardian, Nobel Prize winning economist Joseph Stilgitz writes the European Single Currency System (The Euro) was flawed at birth and is destined to collapse unless huge changes are made to the common currency system.
"The euro is often described as a bad marriage. A bad marriage involves two people who never should have been joined together making vows that are supposedly indissoluble. The euro is more complicated: it is a union of 19 markedly different countries tying themselves together," said an extract from the book published by the Guardian.
A professor of economics at Columbia University, and former senior vice president and chief economist of the World Bank, Stiglitz observed that the euro had neither delivered prosperity to European Union member states, nor had it smoothed the path to political integration of those members into a single political entity, the two principal goals of they system's architects. As a result, European nations are now starting to divide into cultural blocs and view each other with suspecion. German Dominance Of Europe Through A European Bureaucracy Germany, the only member which had benefited from the Euro
, until Changellor Angela Merkel's 'open doors' immigration policy allowed unskilled, illiterate third world peasants to flood into the country, is now looking politically isolated in the organisation it once presumed to dominate.
According to the Stilgitz a single currency designed to hold together a region with enormous economic and political diversity is almost incapable of working. Excuse us for blowing our own trumpet but this is what our own finance expert, Phil T. Looker, has been saying for a decade. If nations do not control their own money then they cannot take steps to deal with changing economic conditions according to the economic strengths and weaknesses of their nation.
Stilgitz also criticized the Eurozone leaders claiming they had no proper understanding of what a monetary union meant. The structure of the Eurozone,its rules and regulations, was not designed to promote growth, employment and stability but to advance the single European supertate agenda and globalism.
The critique of Eurozone economics continues, "The mark of a well-functioning economy is rapid growth, the benefits of which are shared widely, with low unemployment. What has occurred in Europe is the opposite. .. A small country in Europe could, for instance, be in a recession when the rest of Europe is doing well."
Or as we have witnessed since the Euro was launched in 2001, a large and economically powerful country with a solid economy (Germany) could be doing well while other large but less economically stable nations such as France and Italy struggle and small nations with weak economies (Greece, Portugal,) face ever deepening economivc chaos.
According to Stiglitz large parts of the Eurozone now face a 'lost decade,' and even Europe's so-called successes have become colossal failures. He gives the example of Spain where official statistics show unemployment has fallen from 26 percent in 2013, to 20 percent at the beginning of 2016 - but nearly one out of every two people are unemployed. This is possible because European Union rules on measuring unemployed statistics dictate that people who have been out of work for two years are excluded from the statistics.
The economist suggested the best way forward for the euro area is a ‘flexible euro,’ where each member country adopts its own version of the currency. They could of course simply revert to the curriencies they had before monetary union.
Scrapping the idea of monetary integration could help the weak southern European countries export more and import less, helping to achieve a trade balance and full employment, writes Stiglitz.
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