A Tale of Two Currency Areas
The US and Europe both operate single-currency areas, but only Europe's faces uncertainty about its survival. Their similarities and differences, particularly with respect to internal labor mobility, productivity, and fiscal policies, suggest why – and provide clues about whether the eurozone can evolve into a stable monetary union.
https://prosyn.org/wHPEwnx
PALO ALTO – The United States and Europe are two giant free-trade areas, each wealthy but with serious short-run problems and immense long-run challenges. They are also two single-currency areas: the dollar and, for much of Europe, the euro. The challenges facing both are monumental.