Martin Feldstein on the euro

The Failure of the Euro
Foreign Affairs
January/February 2012
Article by: Martin Feldstein, member of the Belfer Center Board of Directors
Topic: The euro 

“The euro should now be recognized as an experiment that failed. This failure, which has come after just over a dozen years since the euro was introduced, in 1999, was not an accident or the result of bureaucratic mismanagement but rather the inevitable consequence of imposing a single currency on a very heterogeneous group of countries. The adverse economic consequences of the euro include the sovereign debt crises in several European countries, the fragile condition of major European banks, high levels of unemployment across the eurozone, and the large trade deficits that now plague most eurozone countries.” 

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