Why the euro project must end

Most analysis on the eurozone crisis misses the essential point that fixed exchange rate regimes cause more pain than they're worth. The real question is, why did politicians allow it to happen in the first place?

The most important lesson to emerge from the crisis in the eurozone has very little to do with fiscal policy. The eurozone crisis is just the latest case study in the dangers of fixed exchange rate regimes. Fixed exchange rates have arguably caused more economic and social misery than almost any other economic institution in recent decades. Yet much of the analysis of developments in the eurozone misses this fundamental point.

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