Stiglitz Says Stalling Euro Area Shows Dismal Failure

Euro-area austerity policies to tackle the region’s debt crisis have been a “dismal failure” as economic growth grinds to a halt, Nobel laureate Joseph Stiglitz said.

The Columbia University professor, speaking on the sidelines of a conference in the southern German city of Lindau, said that high unemployment and sluggish growth underscore the shortcomings of the response to the turbulence that swept the currency bloc.