Economists problem with the Euro

Joseph Stiglitz is an economists and a major opponent of the Euro, even if he claims to love it in some interviews. He also doesn’t know what is going on and from the evidence, never has known what is going on when it comes to the Euro. The Euro exist to make business in Europe (European Union) more simple and easier, the earlier situation when each nation had its own currency would not work properly for the single market and in the long-term was unstandable. Something had to be done and the Euro was the solution. What most don’t release is that the Euro had existed long before it changed name and became a actual currently. Before the Euro became the Euro, it was known as European Currency Unit (ECU), as such it was not a real currency, but rather used to account for EU budget at the time.

The Euro is the second largest currency in the world, right after the U.S Dollar. Saying that it is going to fail, like Joseph Stiglitz does makes no sense at all. If the Euro would fall, like is suggested by Joseph Stiglitz one thing would happen, the mother of all depression would start in the world economics and the global system would fail in a catastrophic way.

Joseph Stiglitz is also wrong when he says that the Euro has not yet succeeded. It has been a success, even after bankers tried to ruin it few years ago (along with the rest of the world economy). That was not the EU or the Euro fault, that was the bankers fault, a group of people that Joseph Stiglitz avoids criticizing at all from what I can tell. Since it is the bankers fault the current economic mess we are in at the moment, when there gamble collapsed in 2008 at great cost for most of the world countries. None of the major players in this crash has ever been held accountable for their actions and they have also stopped reformed completely or limited it.

It is clear that Joseph Stiglitz is looking at things the wrong way. He is blaming the Euro for what is and always has been the bankers fault. He is also clearly believes that unstable minor currencies are better then large stable ones that can better absorb a economic shock following a failed bankers gamble.

What is also clear is that the Euro is not going to collapse in 2017. What might however happen is the carrier of Joseph Stiglitz might crumble into oblivion.

1: Why 2017 Could See the Collapse of the Euro (fortune.com)
2: Joseph Stiglitz, the euro’s jilted lover (politico.eu)