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b-: brr-b :. -:b( B' , '', Nobel Prize winner in economics Joseph Stiglitz recently wrote an article for the Financial Times, calling for a reflection on the euro, and even bluntly stated that abolishing the euro is the fundamental solution to the problems in the euro area. The following is the full text:
b-: brr-b :. -:b( B', '', Since the financial crisis in 2001, Europe, especially the euro zone, has not been in good health. This is indisputable. The single currency was originally It was supposed to bring prosperity and solidify European unity, but it did just the opposite, with some eurozone countries suffering a depression even worse than during the Great Depression. To answer the question "What to do," one must first answer another question: What went wrong?
b-: brr-b :. -:b( B', '', Some claim policymakers made a series of mistakes &;&; pursued overly austerity policies and designs Bad structural reforms. In other words, there is nothing wrong with the euro, and a different person at the helm can solve the problem. I don’t think so. b-: brr-b: There are more problems with the structure, guidance, and rules and institutions that build the euro area. as fundamental problems. These problems may be insurmountable, thus leading to the prospect that it is time to rethink the euro more comprehensively, and even consider abandoning the euro
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b-: brr-b :. -:b( B', '', simply put, the euro is inherently deficient. b-: brr-b : deprived of the two key adjustment mechanisms of interest rate and exchange rate without adding tools to replace them. It almost inevitably makes macroeconomic control difficult.
Coupled with the fact that the central bank’s mission is to focus on inflation, while member states are still further constrained by fiscal deficit ceilings, the result is ultra-high unemployment and persistently lower than potential production. of GDP (). A crisis is to be expected when a member country borrows a currency outside its control and has no simple mechanism to control its trade deficit.
b-: brr-b :. -:b( B', '', The alternative to adjusting the nominal exchange rate is to adjust the real exchange rate so that Greek prices fall relative to German prices. However, there are no regulations to force German prices to rise, and lowering Greek prices would bring Huge social and economic costs. One might count on Greek productivity growth to exceed that of Germany as an alternative to &;adjustment, but no one knows how to achieve this.
b-: brr-b :. -:b( B', '', the same goes for Spain and Portugal. In the absence of an overall strategy, a troika of international agencies swooped in to introduce trivial new regulations on the definition of fresh milk or the standards of bread. As to whether these measures are desirable, one can debate, but there is no doubt that they will not achieve the desired effect of adjusting real interest rates.
b-: brr-b :. -:b( B', '', From an economic point of view, only a small change in the rules can save the euro. A common banking union, most importantly A common deposit insurance system; formulating rules to curb trade surpluses; issuing Eurobonds or establishing other similar debt-sharing mechanisms. Monetary policy should focus to a greater extent on employment, growth and stability, rather than just focusing on inflation.
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