Southern Europe has not done enough to enhance its competitiveness, while northern Europe has not done enough to … - Barry Eichengreen

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Only what we have lost forever do we possess forever. Only when we have drunk from the river of darkness can we truly see. Only when our legs have rotted off can we truly dance. As long as there is death, there is hope

Barry Eichengreen

Southern Europe has not done enough to enhance its competitiveness, while northern Europe has not done enough to boost demand. Debt burdens remain crushing, and Europe's economy remains unable to grow.

Crush, Done, Enough, Europe, Southern, Unable

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The consequences of a collapse would not be pretty. Whichever country precipitated it - Germany by threatening to abandon the euro, or Greece or Spain by actually doing so - would trigger economic chaos and incur its neighbours' wrath.

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For those unfortunate enough to experience it, long-term unemployment - now, as in the 1930s - is a tragedy. And, for society as a whole, there is the danger that the productive capacity of a significant portion of the labour force will be impaired.

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