Nobel Economics Prize Winner: ‘The Euro Was a Mistake’

By Carmen Rodríguez and cross-posted from Euractiv.com

The European Union should embark on a process of decentralisation and return certain areas of decision making to the member states if it wants to survive and thrive, according to Nobel Memorial Prize in Economic Sciences winner Oliver Hart. EurActiv Spain reports.

Today (9 December), Hart and his colleague, Bengt Holmström, will receive the top prize for their work on contract theory, which covers everything from how CEOs are paid to privatisation.

Hart told EFE that he believes the keyword in EU politics is now “decentralisation” and that Brussels has “gone too far in centralising power”. The British-born economist said that “if it abandons this trend, the EU could survive and flourish, otherwise, it could fail”.

The Harvard University professor insisted that the EU member states are not “sufficiently homogeneous” to be considered one single entity, adding that trying to make the EU-28 into one was an “error”

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