Matthew O’Brien on why Europe’s common currency is doomed:
The euro is the gold standard minus the shiny rocks.
Read the whole thing, which is a pretty good summary of, um, why the euro is doomed. I agree with it, but I also suffer from cognitive dissonance. On the one hand, all the fundamentals—which O’Brien summarizes admirably—say that the euro can’t survive. On the other hand, I can’t believe that Europe will ever let the euro fail. Obviously one of these beliefs is wrong. The latter, I suspect, but I’m hardly completely sure of that.
For a related take, but with a somewhat different emphasis, my version of O’Brien’s argument is here.