Joseph E. Stiglitz - The Euro_ How a Common Currency Threatens the Future of Europe (2016, W. W. Norton)

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1、2TothefutureofEuropeandtheEuropeanprojectuponwhichsomuchdepends,inthehopethatthisbookmaycontributetopoliciesensuringitsprosperityandpromotingitssolidarity.3CONTENTSPrefacePARTI.EUROPEINCRISIS1.THEEUROCRISIS2.THEEURO:THEHOPEANDTHEREALITY3.EUROPE’SDISMALPERFORMANCEPARTII.FLAWEDFROMTHESTART4.WHENCANASI

2、NGLECURRENCYEVERWORK?5.THEEURO:ADIVERGENTSYSTEM6.MONETARYPOLICYANDTHEEUROPEANCENTRALBANKPARTIII.MISCONCEIVEDPOLICIES7.CRISESPOLICIES:HOWTROIKAPOLICIESCOMPOUNDEDTHEFLAWEDEUROZONESTRUCTURE,ENSURINGDEPRESSION8.STRUCTURALREFORMSTHATFURTHERCOMPOUNDEDFAILUREPARTIV.AWAYFORWARD?9.CREATINGAEUROZONETHATWORKS1

3、0.CANTHEREBEANAMICABLEDIVORCE?11.TOWARDAFLEXIBLEEURO12.THEWAYFORWARDNotesAcknowledgmentsIndex4PREFACETheworldhasbeenbombardedwithdepressingnewsfromEurope.Greeceisindepression,withhalfofitsyouthunemployed.TheextremerighthasmadelargegainsinFrance.InCatalonia,theregionsurroundingBarcelona,amajorityofth

4、oseelectedtotheregionalparliamentsupportindependencefromSpain.Asthisbookgoestopress,largepartsofEuropefacealostdecade,withGDPpercapitalowerthanitwasbeforetheglobalfinancialcrisis.EvenwhatEuropecelebratesasasuccesssignifiesafailure:Spain’sunemploymentratehasfallenfrom26percentin2013to20percentatthebe

5、ginningof2016.Butnearlyoneoutoftwoyouthremainunemployed,1andtheunemploymentratewouldbeevenhigherifsomanyofitsmosttalentedyoungpeoplehadnotleftthecountrytolookforjobselsewhere.Whathashappened?Withadvancesineconomicscience,aren’twesupposedtounderstandbetterhowtomanagetheeconomy?Indeed,NobelPrize–winni

6、ngeconomistRobertLucasdeclaredinhis2003presidentialaddresstotheAmericanEconomicAssociationthatthe“centralproblemofdepressionpreventionhasbeensolved.”2Andwithalltheimprovementsinmarkets,shouldn’titbeeveneasiertomanagetheeconomy?Themarkofawell-functioningeconomyisrapidgrowth,thebenefitsofwhichareshare

7、dwidely,withlowunemployment.WhathashappenedinEuropeistheopposite.Thereisasimpleanswertothisapparentpuzzle:afataldecision,in1992,toadoptasinglecurrency,withoutprovidingfortheinstitutionsthatwouldmakeit