Industry NewsMarkets & Economy

Euro endures in the face of failure

Commentary: All fear worse if common currency abandoned
Published on May 11, 2012

In the absence of any meaningful economic data or market changes, Europe holds the stage. If this were burlesque -- and of course it is -- the audience would be yelling, "The hook! The hook!" The impresario with the shepherd's crook would long since have yanked Europe by the neck off-stage and dumped it in the alley. Why, oh why, is this dragging on, the euro such an obvious and total failure? Three reasons. First, somebody who has kicked a can for years cannot be convinced that one day he will meet his wall. Second, this elaborate denial is a European specialty, with less fatal consequences today than 1900-1914 and 1933-1939, but the same show. Third: culture (not that No. 1 and No. 2 are not). A lot of people from academia to commerce today are trying to understand changes in national and global leadership. The comfortable and predictable post-World War II, Cold War and post-Cold War structures have weakened and shifted greatly since 2000. It is not at all ...