$hide=home-label

Popular Posts Last 7 days_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts Last 30 days_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts Last year_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts All time_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Islamophobia_$type=carousel$h=350$show=/search/label/Muslim%20World

Saudi Arabia$type=two$count=2$h=250$space=1$icon=1$m=0$sn=0$rm=0$show=/search/label/Muslim%20World

Iran_$type=three$count=3$h=250$space=1$icon=1$m=0$sn=0$rm=0$show=/search/label/Muslim%20World

Palestine$type=three$author=hide$comment=hide$rm=hide$date=hide$show=/search/label/Muslim%20World

'Euro was a mistake,' says Nobel Prize-winning economist

SHARE:

The European Union should start the decentralization process and give the right of decision-making to its member states, according to the Nobel Prize-winning economist Oliver Hart.


He told the European media platform Euractiv that Brussels has “gone too far in centralizing power” and “if it abandons this trend, the EU could survive and flourish. Otherwise, it could fail.”

The 28 EU member states are not “sufficiently homogeneous” to be considered one single entity and trying to tie them into one was an “error,” said the British-born economics professor from Harvard University.

Hart added that Brussels should return powers to the EU capitals but might retain control of “some important areas,” like free trade and free movement of workers.

He also expressed firmly that “the euro was a mistake.” An opinion Hart says he held since the monetary union was introduced.

It “wouldn’t be a bad thing at all” if in the future Europe abandons the single currency, said the economist, adding the British were “very clever” to stay out of it.

Hart’s prize-winning colleague Bengt Holmstrom said the EU needs to “redefine its priorities, limiting its activities and its regulatory arm, to focus on what can be done on the essential things.”

The Finnish economist and a professor at the Massachusetts Institute of Technology, Holmstrom, said the EU has to "do something" with its governance system and its ground rules to make it “clearer and simpler.”

Hart and Holmstrom shared the 2016 Nobel Prize in Economics for their contributions to contract theory which covers everything from how CEOs are paid to privatization.

Another Nobel Prize-winning economist Joseph Stiglitz has recently published a book describing the euro as a threat to the future of Europe.

Stiglitz, who won the Nobel Prize in Economics in 2001, wrote that the single currency as designed to hold together a region with enormous economic and political diversity is almost incapable of working.

The eurozone was flawed at birth and is destined to collapse unless massive changes are made to its common currency, he said.

According to the economics guru, a project that was meant to bring countries together has succeeded only in tearing them apart in a manner which now threatens wider European economic and social stability.

COMMENTS

EMAIL NEWSLETTER$desc=Subscribe to receive inspiration, ideas, and news in your inbox

Followers

Name

Ads,5,Afghanistan,34,Animals,31,Bahrain,2,Barcelona,1,Business,659,China,42,Egypt,9,Headlines,11,Health,142,India,64,Indonesia,8,International,75,Iran,42,Iraq,35,Islamophobia,17,Israel,1,Kuwait,1,Lebanon,1,Lifestyle,273,Malaysia,3,Middle East,14,Muslim World,370,Nawaz Sharif,5,Opinion,26,Pakistan,939,Palestine,25,Pics,66,Popular,1,Qatar,83,Saudi Arabia,53,Science,124,Showbiz,256,Sports,999,Sudan,1,Syria,46,Technology,163,Top News,732,Turkey,38,UAE,16,Videos,73,World,3378,Yemen,5,
ltr
item
Muslim Global: 'Euro was a mistake,' says Nobel Prize-winning economist
'Euro was a mistake,' says Nobel Prize-winning economist
https://4.bp.blogspot.com/-suelCIvAbjQ/WE-TciVa4SI/AAAAAAAAWso/b8s_rNwsNb8NBVf5tGT3Xe8YkS_DrtlegCLcB/s640/Euro%2BCoin.jpg
https://4.bp.blogspot.com/-suelCIvAbjQ/WE-TciVa4SI/AAAAAAAAWso/b8s_rNwsNb8NBVf5tGT3Xe8YkS_DrtlegCLcB/s72-c/Euro%2BCoin.jpg
Muslim Global
http://www.muslimglobal.com/2016/12/euro-was-mistake-says-nobel-prize.html
http://www.muslimglobal.com/
http://www.muslimglobal.com/
http://www.muslimglobal.com/2016/12/euro-was-mistake-says-nobel-prize.html
true
616431133175714168
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy