Review of
Instaread Summary of The Euro How a Common Currency Threatens the Future of Europe, by
Joseph E. Stiglitz
Five out of five stars
Stiglitz certainly
has the credentials for making the claim that the European common currency
known as the Euro has been a liability to economic growth among the nations
that use it. Economic stagnation and even GDP declines among some of the member
states support the position that the adoption of the Euro was a fundamental
mistake.
The arguments
put forward in this summary are sound and are based on the substantial
differences between the economies and cultures of the member states that
adopted the common currency. Fundamentally, it is just another example of the
rich getting richer and the poor getting poorer. The larger and wealthier
states of Germany and France economically dominate Europe, while the smaller
states are largely forced to accept the conditions imposed on them.
This summary
contains powerful and logical arguments in favor of the position that the adoption
of the Euro was a bad idea from the start and not a good idea poorly
implemented. It is perhaps a sign of the new reality that the modest two
percent economic growth of the United States is considered an ideal by the
countries of Europe that are barely registering a positive percent. From
reading this summary, I was convinced that I need to read the book.
This book was made available for free for review
purposes.
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