However, more than trying to discuss a cogent overall interpretation of the euro area crisis, I would like to explore two perspectives: •  first, what were the root causes and key initial drivers of the crisis? •  second, what role did the international financial crisis, originating in the US, play in triggering the European crisis?
The first question is important to identify the possible shortcomings in the design of monetary union that need to be corrected to avoid future crises.