BGuthrie Photos: DC -- World Bank Group InfoShop Bookstore -- Joseph E. Stiglitz ("The Euro: How a Common Currency Threatens the Future of Europe") w/Kaushik Basu

DC -- World Bank Group InfoShop Bookstore -- Joseph E. Stiglitz ("The Euro: How a Common Currency Threatens the Future of Europe") w/Kaushik Basu:

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Description of Pictures: "The Euro: How a Common Currency Threatens the Future of Europe"
Presented by author JOSEPH E. STIGLITZ Professor, Columbia University
Moderator KAUSHIK BASU Senior Vice President and Chief Economist, World Bank Group
Can Europe prosper without the euro? The 19 countries that share the euro currency have been rocked by economic stagnation and debt crises.
Stiglitz dismantles the prevailing consensus around what ails Europe, demolishing the champions of austerity while offering a series of plans that can rescue the continent —
and the world — from further devastation.

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Specific picture descriptions: Photos above with "i" icons next to the bracketed sequence numbers (e.g. "[1] ") are described as follows:
1. STIG1_160929_033.JPG: Joseph E. Stiglitz
2. STIG1_160929_068.JPG: Kaushik Basu
3. STIG2_160929_006.JPG: The Euro-crisis: * The fact that Europe is no longer in decline is not a sign that the austerity policies worked or that the euro-crisis is over. * Some countries are still in depression. * Europe has faced a lost half-decade. * The prospects are for a lost decade. * But unless there are marked changes -- it could be a lost quarter century.
4. STIG2_160929_011.JPG: Outline of talk: * Description of where Europe is today. * Explaining Europe's problems -- The Euro --- There needs to be fundamental reforms in the structure of the euro * European policies * Neo-liberal ideology which has influenced both * There are alternatives -- Alternative policies -- Need to rewrite the rules
5. STIG2_160929_017.JPG: Real GDP is just recovering to earlier levels
6. STIG2_160929_020.JPG: Many countries have lower GDP than before crisis
7. STIG2_160929_025.JPG: For some countries downtown was worse than Great Depression
8. STIG2_160929_031.JPG: Output per member of working-age population is lower than before the crisis for most countries.
9. STIG2_160929_037.JPG: High unemployment
10. STIG2_160929_043.JPG: And even higher youth unemployment
11. STIG2_160929_051.JPG: Eurozone countries have been doing particularly badly
12. STIG2_160929_057.JPG: In any other context, even best-performing countries' growth would be seen as dismal * Germany's economy grew at an average annual rate of just 0.8 percent from 2007 to 2015 adjusted for inflation. * As bad as Japan in its great malaise from 2001-2010 * For the eurozone, GDP per working-age person has increased by just 0.6 percent during 2007-2015, while for non-eurozone European countries, there has been a 3.9 percent increase. * By 2011, US growth in GDP per working-age population had largely returned to precrisis levels, the eurozone area's number was markedly below -- in fact, well below not only that of the United States but of the world and high-income countries.
13. STIG2_160929_064.JPG: Especially poor performance: * Once one looks at what is happening to large fractions of the population -- who are seeing a decline in their real income. * Once one realizes that its strength is based on surpluses -- surpluses that are creating a global problem. -- Worse than China's -- If everyone tries to run surpluses, the paradox of thrift kicks in -- global insufficiency of aggregate demand
14. STIG2_160929_072.JPG: Current account imbalances
15. STIG2_160929_079.JPG: Problems of the euro were widely anticipated * Europe was not an optimal currency area * Problems would arise when the region was confronted by asymmetric shocks -- Had taken away two of the critical adjustment mechanisms -- And hadn't put anything in its place * The euro was a political project -- But the politics were not strong enough to do it right
16. STIG2_160929_085.JPG: But few anticipated how bad the euro would be for Europe * Even taking account of the boost that the euro gave to some countries in its first years, output today is far below trend * Gap is increasing
17. STIG2_160929_086.JPG: Europe has paid a high price for the euro
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Featured Folk: Some of the people here can also be seen on other pages on this site.
- Stiglitz, Joseph appears on:
  - 2016_DC_Stiglitz_160908 Politics & Prose -- Joseph E. Stiglitz ("The Euro: How a Common Currency Threatens the Future of Europe")
  - 2016_DC_CEA70_160211 Brookings Institution -- The Council of Economic Advisers: 70 Years of Advising the President
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