To remain optimistic about Europe’s future, and the future of its common currency in particular, is not easy nowadays. ‘The EURO is doomed anyway‘ has become something like conventional wisdom. Jean Pisani-Ferry’s (Director of Bruegel) article for Project Syndicate Is the Euro Ending or Beginning? is not particularly cheerful either. But it makes an important observation.
Yes the institutional framework of the EURO was shaky right from the start. But a lot has been done during the crisis to rectify its shortcomings. Much more is needed though. It could be done if.. (see article)
What I take away from those lines is that the EURO will fail only if we (with we I mean the European citizens and their elected representatives) want it to fail. There are questions to be answered and choices to be made. Lucky is who has choices after all. Let’s make up our minds and choose.