The British-born economics professor from Harvard University Oliver Hart argued that the European Union must start a process of decentralisation.
The Nobel Prize-winning economist Prof Oliver Hart (Harvard University) emphasized the need for decentralization in the European Union. The bloc should return certain areas of decision making to its member states if it wants to survive and prosper.
The British-born economist told Euractiv.es:
Brussels has gone too far in centralising power. […] If it abandons this trend, the EU could survive and flourish, otherwise, it could fail.
He also expressed firmly that "the euro was a mistake." Since the 28 EU member states are not sufficiently homogeneous, they should not be tied into one single entity, he said.
Hart has received the 2016 Nobel Prize in Economics for his contributions to contract theory.
ACRE promotes a Europe of independent nations and the exercise of power at the lowest practicable level, as stated in the Reykjavik Declaration.