The euro: weathering the perfect storm

Barry  Eichengreen at the University of California

The Nobel prize-winning US economist Milton Friedman once warned the euro would not survive its first external shock. He could hardly have predicted the severity of the debt crisis that has engulfed the eurozone over the past year.

The 17 members of the monetary union now face a perfect storm: the increasing likelihood Greece will have to restructure its debt; fears over the bail-out package for Portugal, after the success of the eurosceptic True Finns in Finland's recent election; and ongoing

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