\”Countries that share a currency have a fixed exchange rate with each other and thereby give up an important tool of adjustment,\” he said. \”So long as there were no shocks, the euro would do fine. The test would come when one or more of the countries faced a downturn.\”
Well, yes, quite. But there will always be shocks of one kind or another. So the euro, the very idea of it, was a bad idea to start with.
As some of us have been saying these past 15 years.