Can the Euro Be Saved? An Analysis of the Future of the Currency Union

Abstract

Following the Great Recession, eurozone countries have performed worse than even the currency union’s most pessimistic critics had predicted. The paper identifies the strong fundamental flaws in the design of the eurozone and proposes a set of reforms, both in the structure of the eurozone and current policies, which might enable the euro to work. It traces the flaws to economic misconceptions prevalent at the time the euro was designed, some of which continue to predominate. Reform is likely less costly than allowing the euro to break up. The required political will, however, is not in evidence.

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