July 30, 2012

Crash of the European Bumblebee

Paul Krugman, New York Times

AP Photo

Could the euro be saved? Yes, probably. Should it be saved? Yes, even though its creation now looks like a huge mistake. For failure of the euro wouldn't just cause economic disruption; it would be a giant blow to the wider European project, which has brought peace and democracy to a continent with a tragic history.

But will it actually be saved? Despite Mr. Draghi’s show of determination, that is, as I said, very much in doubt.

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TAGGED: Spain, Ireland, Germany, Mario Draghi, European Central Bank, Eurozone, Europe

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