A recent issue of the Financial Times featured op-eds by two Center members, Amar Bhidé and Joseph Stiglitz. Bhidé's piece, "Easy Money Is a Dangerous Cure for a Debt Hangover," focuses on the problems with the "all-out monetary easing campaigns mounted by central banks in many developed economies" since the 2008 financial crisis. "Central bankers argue that the risks of over-lending are contained and that without their aggressive intervention economies would be mired in a deep recession," he writes. "But they base their assessment of risks, and of what would have happened without their intervention, on mondels whose mathematical sophistication hies a primitive representation of finance and the economy." Meanwhile, in "A Split Euro Is the Solution for the Single Currency," Stiglitz writes that, "Fundamental problems with the structure of the eurozone, the rules and institutions that guide and constitute it...may well be insurmountable, raising the prospect that the time has come for a more comprehensive rethinking of the single currency, even to the point of unwinding it." Bhidé's piece can be read here; Stiglitz's piece can be read here.
