Europa spart sich kaputt

Synopsis of Europa spart sich kaputt

The euro was supposed to bring Europe closer together and promote prosperity; in fact, it has done just the opposite. The 2008 crisis revealed the shortcomings of the euro, and Europe’s stagnation and bleak outlook are a direct result of the fundamental flaws inherent in the EU project—economic integration outpacing political integration with a structure that promotes divergence rather than convergence. Joseph E. Stiglitz outlines three possible ways forward: fundamental reforms in the structure of the Eurozone, a well-managed end to the European Union, or a bold, new system dubbed the “flexible euro.”