The Euro’s Imagined Community
Many believe that a eurozone breakup – if, say, Greece reintroduced the drachma – would constitute a political failure that would ultimately threaten Europe’s stability. But, if Europe focuses on preserving the symbols of its unity, it might be able to avoid the worst outcomes of even the direst economic scenarios.
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NEW HAVEN – Great significance – probably too much – has been attached to a possible breakup of the eurozone. Many believe that such a breakup – if, say, Greece abandoned the euro and reintroduced the drachma – would constitute a political failure that would ultimately threaten Europe’s stability. Speaking before the Bundestag last October, German Chancellor Angela Merkel put the matter starkly: