Paul Krugman:

“It has been obvious for some time that the creation of the euro was a terrible mistake. Europe never had the preconditions for a successful single currency — above all, the kind of fiscal and banking union that, for example, ensures that when a housing bubble in Florida bursts, Washington automatically protects seniors against any threat to their medical care or their bank deposits.”

Read the article here.

It’s not very useful to dwell on past mistakes, especially not these kinds of mistakes.

Imperfect people create imperfect institutions with imperfect currency unions. We should get used to that.

The abolishment of the euro is a bigger mistake than its creation.