Winner of the Nobel Prize in Economics wins the award with the book ‘The Euro’


Every two years, the Estoril Conferences distinguishes a major piece of written work that has contributed with new analysis and original thought about the issues inherent to globalization, helping the world better understand its global relevant risks and collective action problems.

On the 2017 edition the jury, composed by representatives from all the Academic Partners of the Estoril Conferences, has chosen ‘The Euro and its threat to the Future of Europe’ by the winner of the Nobel Prize in Economics Joseph Stiglitz.

The author will therefore be present during the next Estoril Conferences edition, at the Winner of the Estoril Conferences Distinguished Book Prize Ceremony, for an intervention about his book and the main theme of the Estoril Conferences.

“In The Euro, Nobel prize-winning economist and bestselling author Joseph E. Stiglitz dismantles the prevailing consensus around what ails Europe, demolishing the champions of austerity while offering a series of plans that can rescue the continent from further devastation. As Stiglitz persuasively argues, Europe’s stagnation and bleak outlook are a direct result of the euro’s flawed birth, and since then economic integration has outpaced political integration, making its problems worse. Stiglitz shows how the current structure actively promotes divergence rather than convergence. He lays bare the European Central Bank’s misguided inflation-only mandate, and explains how Eurozone policies, especially towards the crisis countries, have further exposed the zone’s flawed design.

The question then is: can the euro be saved? Stiglitz outlines three possible ways forward: fundamental reforms in the structure of the Eurozone and the policies imposed on the member countries; a well-managed end to the single currency ‘euro’ experiment; or a bold, new system dubbed the ‘flexible euro’. Any of them would require far greater political will and cooperation than the leaders of the Eurozone have so far managed to find; but the alternative is disorderly breakup and an even worse political crisis than the continent has suffered so far.

This important book, by one of the world’s leading economists, addresses the eurocrisis on a bigger intellectual scale than any predecessor.”

With the award, Joseph Stiglitz joins the group of previous winners of the Estoril Global Issues Distinguished Book Prize that include Francis Fukuyama, Niall Ferguson, Charles Beitz, Muhammad Yunus and Paul Collier.