June 21 (Bloomberg) -- Now that the Greek election failed
to solve anything, Europe is back to the same problems it faced
Not the ones predating Sunday’s election, which resulted in
the formation of a coalition government of Greece’s pro-Europe
parties. But the difficulties that existed before 11 sovereign
nations scrapped their currencies and adopted the euro on Jan.
1, 1999, with the goal of bringing peace and prosperity to the
continent. The idea of one monetary policy for all was
unworkable then, and it’s unworkable now, primarily because the
countries never had a mechanism for dealing with a crisis.