the euro

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.

He also revised his past best-seller: Globalization and Its Discontents, now titled Globalization and Its Discontents Revisited: Anti-Globalization in the Era of Trump. 

Legislators in the tax-haven island of Cyprus have rejected the draconian bank deposit tax defying German leader Angela Merkel. While the protestors danced in the street after the vote, this could be a pyrric victory. President Putin threatened to withdraw a $3.2 billion loan if the Merkel proposal were embraced, a condition that might have influenced the final tally.


Based on the accumulation of recent reports, Europe is among the “walking dead.” The recent elections in Greece and France indicate that the respective populations are resistant to austerity measures. Despite insolvency, or in France’s case the prospect of insolvency, Europeans are so committed to their entitlements, they won’t give them up. Claims that a higher millionaire tax will offset the deficit provides a frission for socialists, but does little to offset the financial imbalance.