Is the Euro Saved for Good?He concludes his fantasy thusly
But let me be clear, the euro is not on the list of problems. Instead, it is an essential part of the solution. It contributes to growth by enhancing cross-border economic activity and competition, and is essential for macro-economic stability.Let us remember this, remember that the Euro is not at heart an economic project but a political one. As such it is, and will remain at odds with economic reality, and will always be vulnerable to asymmetric shocks.
Lastly, let me recall that the euro is not just a technical monetary arrangement, but rather the core political project of the European Union. As such, it is a symbol of our political will and determination to work together for our common good.
That is a further reason why it is worth taking Europe seriously when we say that we are ready to do whatever it takes to defend the euro and financial stability in Europe.