The 'Who' and 'How' of resolving the euro crisis.
In spring 2009, a group of leading economists published a 10-year retrospective on the economic and geopolitical implications of the euro. The authors’ conclusion: The euro is “successful but regional.” Today, two years later, the eurozone stands at the epicenter of the global economic crisis, one that did not begin in Europe but exposed profound design imperfections in its supranational currency area. The euro and the political regime underpinning it are deeply flawed.
This piece attempts to dissect the anatomy of the eurozone’s diffuse and often vexing decision-making process to determine: What does Europe want?
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*[This report was originally published by the Bertelsmann Foundation on December 7, 2011].