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Stiglitz: Leaving the euro painful but staying in more painful

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Published on Feb 22, 2014

http://www.youtube.com/watch?v=f_RcFK...
http://www.youtube.com/watch?v=LaRW5j...

- Joseph Stiglitz, The Future of Europe, UBS International Center of Economics in Society, University of Zurich, Basel, January 27, 2014

"To me the real risk is the following: Europe is going to dangle out just enough hope that Spain and Greece and the other periphery countries will say "oh, they are gonna come to our assistence." [...] They are gonna dangle out just enought hope that people won't want to leave the euro but in fact so little reform that it will be literally no time soon that they will emerge from their depression. So, my advice would be [...] that they probably should face the reality that there is not going to be a political reform that would make the euro viable for the periphery, for these other countries. That the other things like what are called internal devaluation won't work and that leaving the euro will be painful but staying in the euro will be more painful."

"The argument that there are significant advantages to sharing a common currency is at best questionable. If you look at the overall benefits Europe, the Eurozone has enjoyed from having a common currency, looking at it from 2000 to say 2014, I think net, you would say, it has probably been a negative."

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