The Euro Joseph E. Stiglitz

Real GDP is just recovering to earlier levels

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Source: IMF World Economic Outlook Database, April 2017

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Many countries have lower GDP than before crisis

For some countries downturn was worse than Great Depression

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Growth in output per member of working-age population is lower than before the crisis for Europe

Source: Economic Report of the President 2016

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High unemployment

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Unemployment rates, seasonally adjusted, January 2000 – February 2017

Source: Eurostat

And even higher youth unemployment

Source: Eurostat

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Youth unemployment rates, EU-28 and EA-19, seasonally adjusted, January 2000 – February 2017

Current account imbalances

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Euro area has performed much more poorly than the US—even though the crisis originated in US

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Current accounts improvements

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Troika’s remarkably poor models

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Poorly performing countries today had performed well before 2007: no change in structure

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