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The Conceit of Armed Humanitarian Intervention. By Rajan Menon. New York: Oxford University Press, 2016.

The Conceit of Armed Humanitarian Intervention. By Rajan Menon. New York: Oxford University... Global Governance 23 (2017), 141–142 BOOK REVIEWS The Euro: How a Common Currency Threatens the Future of Europe. By Joseph Stiglitz. New York: Norton, 2016. Nobel Prize−winning economist Joseph Stiglitz turns his gaze across the At- lantic in his most recent book, The Euro. The assessment is bleak. Stiglitz ar- gues that poor economic understanding and a lack of political solidarity doomed the design of the euro from the outset. Two flaws in its original con- ception may prove fatal to the project of a common currency. First, countries must have roughly similar economies to share a common currency. Other- wise, their needs are likely to differ. A high-performing economy might seek high interest rates and high exchange rates to tamp down inflation while a low-performing economy might want low interest rates or lower exchange rates to boost productivity or exports. Under a single exchange rate and a sin- gle interest rate, the interests of both countries cannot be served. Second, if economies are sufficiently different, governments must have the flexibility to respond to these differences through fiscal policy—for example, by using deficit spending to stimulate demand when the economy is in a downturn. But the eurozone rules restricted http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Global Governance: A Review of Multilateralism and International Organizations Brill

The Conceit of Armed Humanitarian Intervention. By Rajan Menon. New York: Oxford University Press, 2016.

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Publisher
Brill
Copyright
Copyright © Koninklijke Brill NV, Leiden, The Netherlands
ISSN
1075-2846
eISSN
1942-6720
DOI
10.1163/19426720-02301012
Publisher site
See Article on Publisher Site

Abstract

Global Governance 23 (2017), 141–142 BOOK REVIEWS The Euro: How a Common Currency Threatens the Future of Europe. By Joseph Stiglitz. New York: Norton, 2016. Nobel Prize−winning economist Joseph Stiglitz turns his gaze across the At- lantic in his most recent book, The Euro. The assessment is bleak. Stiglitz ar- gues that poor economic understanding and a lack of political solidarity doomed the design of the euro from the outset. Two flaws in its original con- ception may prove fatal to the project of a common currency. First, countries must have roughly similar economies to share a common currency. Other- wise, their needs are likely to differ. A high-performing economy might seek high interest rates and high exchange rates to tamp down inflation while a low-performing economy might want low interest rates or lower exchange rates to boost productivity or exports. Under a single exchange rate and a sin- gle interest rate, the interests of both countries cannot be served. Second, if economies are sufficiently different, governments must have the flexibility to respond to these differences through fiscal policy—for example, by using deficit spending to stimulate demand when the economy is in a downturn. But the eurozone rules restricted

Journal

Global Governance: A Review of Multilateralism and International OrganizationsBrill

Published: Aug 19, 2017

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