What’s So Special About the Euro Currency Area?
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June 21 (Bloomberg) -- Now that the Greek election failedto solve anything, Europe is back to the same problems it facedbefore.
Not the ones predating Sunday’s election, which resulted inthe formation of a coalition government of Greece’s pro-Europeparties. But the difficulties that existed before 11 sovereignnations scrapped their currencies and adopted the euro on Jan.1, 1999, with the goal of bringing peace and prosperity to thecontinent. The idea of one monetary policy for all wasunworkable then, and it’s unworkable now, primarily because thecountries never had a mechanism for dealing with a crisis.