STIGLITZ: Italy could be the ‘cataclysmic event’ that leads to the fall of the eurozone

http://www.defenddemocracy.press/stiglitz-italy-cataclysmic-event-leads-fall-eurozone/

By Will Martin

Europe is heading towards a “cataclysmic event” that could lead to the collapse of the euro and the end of the European project as we know it, according to Nobel prize-winning economist Joseph Stiglitz.

In an interview with Business Insider following the launch of his latest book “The Euro: How A Common Currency Threatens the Future of Europe” — which argues that the European single currency will inevitably cease to be at some point in the future unless drastic changes are made — Stiglitz said that a “disastrous” political event similar to the United Kingdom’s decision to leave the European Union could trigger such a collapse.

“I think the most likely thing is something along the lines of a political cataclysmic event like Brexit. In other words, the eurozone’s member countries are democracies and one sees increasing hostility to the euro, which is unfortunately spilling over to a broader hostility to the broader European project and liberal values,” Stiglitz told BI from his office in New York.

Read the full article on Business Insider UK