The Problem with the Euro: New Age Gold Standard

Nobel Prize-winning economist Joseph Stiglitz argues that Europe’s financial crisis has been the direct result of adopting the euro in his latest book, The Euro: How a Common Currency Threatens the Future of Europe. He explains why adopting a common currency for a diverse group of 19 different countries created fundamental challenges which were poorly understood when first instituted and continues to plague members of the European monetary union.

Here speaking with WNYC's Leonard Lopate highlights the importance of flexible exchange rates and sovereign currency in the modern age.