The Failure of the Euro

The New Yorker's John Lanchester reviews recent books on the threat of the euro by Nobel Prize-winning economist and former Visitor Joseph Stiglitz and its ideological and historical background by former Visitor Markus Brunnermeier.

Lanchester writes:

In 1992, the European Union made what the Nobel Prize-winning economist Joseph Stiglitz calls “a fatal decision”: the choice “to adopt a single currency, without providing for the institutions that would make it work.” In “The Euro: How a Common Currency Threatens the Future of Europe” (Norton), Stiglitz lucidly and forcefully argues that this was an economic experiment of unprecedented magnitude: “No one had ever tried a monetary union on such a scale, among so many countries that were so disparate.”

Read more of the New Yorker review at


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