‘Flawed at Birth and Destined to COLLAPSE… Eurozone Must DITCH Single Currency to Survive’

• ‘Flawed at Birth and Destined to COLLAPSE… Eurozone Must DITCH Single Currency to Survive’
  by LANA CLEMENTS, http://www.express.co.uk/  
  THE eurozone was flawed at birth and is destined to collapse unless huge changes are made to its single currency, according to a Nobel-Prize winning economist.
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  Joseph Stiglitz said the decision to adopt the euro in 1992 without the institutions which would make it work was “fatal”. He said leaders dreamed up the idea without a proper understanding of what a monetary union meant. In an explosive new book, How To Save The Euro, the economist provides a scathing review of the bloc’s current set-up. Europe was not designed to deal with the differing economies of members, while its bureaucracy holds back growth, employment and stability, according to Stiglitz.
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  He said the rules, regulations and institutions are to blame for the multiple crises emerging from Europe since its inception. Large parts of the bloc face a ‘lost decade’ where capita is lower now than it was before the crisis, blasted Stiglitz. He added even Europe’s so-called successes are actually colossal failures.
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  For example, Spain’s unemployment rate has fallen from 26 per cent in 2013, to 20 percent at the beginning of 2016 – but nearly one out of every two people are unemployed. In an excerpt from the book published by Vanity Fair, Stiglitz writes: “The mark of a well-functioning economy is rapid growth, the benefits of which are shared widely, with low unemployment. “What has occurred in Europe is the opposite.” He added: “Germany and others have sought to blame the victims – countries that suffered as a result of the flawed policies and the flawed structure of the eurozone.”
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