Tag Archives: Euro

The Future of the Euro

10 Aug

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Why the Greek Crisis Will Not Ruin Europe’s Monetary Union


Lorenzo Bini Smaghi
LORENZO BINI SMAGHI is a Member of the Executive Board of the European Central Bank.

August 10, 2010

When the euro was conceived two decades ago, few people expected it to have to weather a storm as great as the recent global economic and financial crisis. And many observers now think the entire European construct — its institutions and currency — has been so damaged by the crisis that it might not survive. A careful analysis of the problems within individual eurozone economies, particularly Greece’s, and in the architecture of the monetary union among them reveals what went wrong, how the EU has responded, and what the prospects of the euro really are.