The Non-Crisis of the Euro
The global financial crisis has breathed new life into hoary arguments about the euro’s imminent demise. In fact, the crisis has led European countries that are outside the euro zone - and even outside the EU - to seek euro adoption as soon as possible.
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BERKELEY – The global financial crisis has breathed new life into hoary arguments about the euro’s imminent demise. Such arguments often invoke Milton Friedman, who warned in 1998 that Europe’s commitment to the euro would be tested by the first serious economic downturn. That downturn is now upon us, but the results have been precisely the opposite of what Friedman predicted.