The Euro Catalyst
With structural reforms underway in the eurozone countries hardest hit by the global financial crisis, Euroskeptics say that the crisis itself, not the euro, catalyzed change. But, given past European experience, there is serious reason to doubt that, in the absence of the euro, the crisis alone would have provided the necessary impetus to reform.
PARIS – In 2000, shortly after the launch of the euro, I wrote a book arguing that countries adopting the common currency should be forced in one way or another to implement structural reforms. Ten years later, where do we stand?