Of course the adoption of the euro was not solely, maybe not even primarily, an economic decision, but it nonetheless had economic consequences. In several very important respects the euro area’s first decade was a remarkable success. But there were important structural stresses underneath and some of these have suddenly become more visible in the past few years.
Now the euro’s future depends on whether the commitment of the Europeans extends to building more of the economic sub-structure consistent with the single currency, which will entail both fiscal and supply side reforms. It is of course quite difficult to lay foundations when the house has already been erected on the site, but that is the job ahead in Europe.