The European Union’s efforts to reach an agreement on fiscal unity sought to soothe persistent fears of the dissolution of the euro—and possibly of the EU itself. The idea of a single European currency has been tested in ways that its architects never imagined, although numerous academics that considered the experiment poorly designed and premature are not surprised.

Roy C. Smith is the Kenneth Langone Professor of Finance Emeritus at New York University Stern School of Business.
EuropeInternational Economics and Development
Other Independent Review articles by Roy C. Smith
Winter 2019/20 Will Populism Kill Globalization?
Summer 2018 China’s Next Ten Years
Fall 2016 Is China the Next Japan?
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