Bloomberg News

Stiglitz Sees ‘Significant’ Risk of European Recession

November 23, 2011

Nov. 23 (Bloomberg) -- Nobel Prize winner Joseph Stiglitz said he sees a risk of recession in Europe, when calling on leaders to step up efforts to create “new fiscal frameworks.”

“There’s a significant likelihood that Europe will be facing a recession, there are already signs of economic downturn,” Stiglitz said in an interview with Bloomberg Television today. “The driving force though is the austerity that is spreading around Europe and America.”

He also said that “there has to be a creation of new fiscal frameworks, a solidarity fund for growth and stability.”

To contact the reporter on this story: Francine Lacqua in London at

To contact the editor responsible for this story: Simone Meier at

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