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Joseph Stiglitz Nobel Prize in an article published in Political Global Policy Lab advises Italy to leave the euro. The process, according to the economist, should begin with the introduction of a parallel currency and the use of an electronic money that should always be simpler and more efficient.
Idea, that of the complementary currency, also proposed in the works of the economist Nino Galloni and which finds an affinity in the proposal of the honorable Claudio Borghi Aquilini economic director of the League, which proposes minibots as tax currency
Stiglitz goes on to say that " the euro, in the state, increased divisions within the EU especially between creditor countries and debtor countries ". He adds that, still the euro, "is at the root of the migration crisis, in which European standards impose an unfair burden on the front-line countries that host migrants, such as Greece and Italy" and that "the true cause of misalignment of potential exchange rates in the extremely rigorous and rigorous fiscal and wage policy implemented by Merkel.
In conclusion, for the Nobel Prize," if Germany does not want to take the basic measures necessary to improve monetary union, it should do its best: leave the eurozone . Thus, the value of the euro would be reduced and exports from Italy and other southern countries of Europe would increase. "
Knowing however that the hypothesis of seeing Germany abandon the euro zone is comparable to a mirage, Stiglitz suggests Italy to come out:
" I advantages for Italy to leave the euro are clear and considerable . A lower exchange rate will allow Italy to export more and consumers will replace Italian products for imports. Tourists will find an even more attractive destination in the country. All of this will stimulate demand and increase government revenue. Growth will increase and the high unemployment rate in Italy (11.2%, with 33.1% of youth unemployment) will decrease. "
In addition, apart from the euro, Italy" would be more likely to cooperate in other key areas with Europe: migration, a European defense force , sanctions against Russia, trade policy. "
If Italy was asking to restructure its debt by paying in government bonds, the other two-way EU members: expel Italy (but here would weigh the size of our debt) or adopt a more flexible currency that creates a "southern euro zone close to an optimal currency area" (recalling the principle of euro two velocity )
There are also difficulties out of the euro, of course, on which Stiglitz says that "some companies will fail, others will see the decline in their real income; but if the Italian economy had spent 20 years growing from the creation of the euro to the eurozone as a whole, its GDP would have been 18 percent higher. "
The words of the Nobel Prize of the same length another Nobel Laureate, Paul Krugman according to which:
" The improvement of the economy of the world. Germany has done to the detriment of the rest of the world, including the United States, because too much on exports and not on domestic demand realizing a balance of payments surplus greater than any other European state, without any mechanism of redistribution thanks to a German undervalued against the fundamentals of the national economy, which allows Germany to boost its own competitiveness in the external market.
He also agrees with the Lega senator and the economist Alberto Bagnai who does not consider it a walk ta, believes that the release of the l 39; The euro is a way forward because the benefits outweigh the costs. In his book " The Sunset of the Euro " he says that do not leave the euro it's like knowing that you have a tumor but decide not to s & dquo; Worry about it as there would be no guarantee that after leaving the hospital you can not die hit by a car. According to Bagnai, knowing that he has an illness, he should be treated anyway, otherwise it would be like going to meet certain death anyway.
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