The Euro: Unscrambling the Omelet

Informative column by Eduardo Porter in NY Times Business section on the motivation behind the creation of the Euro, why it has failed to do what was intended, and in fact is doing the opposite, and what the prospects are today:

Despite its flaws, there is one powerful reason to stick to the euro that even some of the most skeptical economists accept: the prospect of breaking away from the euro is very scary. It’s difficult to forecast how such a dissolution would unfold. There is, in fact, no legal way to leave. And it would be searingly painful for many countries.

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