Economist Joseph Stiglitz says the European Central Bank can do a lot more
to resolve the eurozone's debt crisis.

“The ECB has the tools to do more than it has been doing,” Stiglitz tells
CNBC. “European governments have the first obligation, but in the absence
of that the ECB has the ability to do a lot more than it had been doing.”

Stiglitz said it was difficult to determine the full impact that Greece’s
leaving the eurozone would have on the global economy.

Editor's Note: This Wasn’t an Accident — Experts Testify on Financial Meltdown

“We don’t know the full impact of a Greek exit and we don’t know the full
financial (picture),” he says. “When Greece restructured its debt there
was no trauma (but) this would be a bigger event and so it could have a
more traumatic effect.”

“I am worried about high unemployment and that it will be persistent,”
says Stiglitz. “GDP has not yet recovered to 2008 levels and in my mind,
will there be enough robust growth to get unemployment down? I don’t see
that (happening) in Europe or the U.S. anytime soon.”

CNN reports that the 17-nation eurozone's unemployment rate reached the
highest level since the creation of the common currency 13 years ago,
climbing to 11 percent in April as employers slashed 110,000 jobs.

The unemployment rate in the broader 27-nation area that makes up the
European Union rose to 10.3 percent in April, as employers trimmed 102,000
jobs from their payrolls.

Editor's Note: This Wasn’t an Accident — Experts Testify on Financial Meltdown