Much of the euro’s design reflects the neoliberal economic doctrines that prevailed when the single currency was conceived. It was thought that keeping inflation low was necessary and almost sufficient for growth and stability; that making central banks independent was the only way to ensure confidence in the monetary system; that low debt and deficits would ensure economic convergence among member countries; and that the free flow of money and people would ensure efficiency and stability.

ERRONEOUS DOCTRINES

Each of these doctrines has proved to be wrong...