Stiglitz on Why the ECB Has Failed

The transcript discusses the challenges of maintaining a union with a single currency without adequate political institutions, using the European Union as a case study. It highlights the need for institutions like common Deposit Insurance and fiscal support, which the EU lacks compared to the US. The discussion also touches on sovereignty issues, the impact of the ECB's mandate focused solely on price stability, and Germany's influence on eurozone policies. The need for a balance between sovereignty and cooperation is emphasized, along with the potential consequences of economic stagnation and unemployment.

What are the key institutions that the United States has created to support a single currency?

How does the lack of certain institutions in Europe affect its economic stability?

What implications does Britain's exit from the European Union have on the concept of sovereignty?

In what ways has the European Central Bank's mandate been criticized?

What challenges does Germany's focus on austerity present for other European countries facing high unemployment?