The More It Changes, the More It Stays the Same
Nothing much has happened with the euro since 2012 as the currency crisis abated, bringing about a dangerous feeling of complacency. No substantial reforms have been undertaken to correct the original flaws plaguing the single currency’s architecture as a result of which the euro remains at the mercy of the next crisis waiting to happen. This chapter reminds us of how the euro crisis was misdiagnosed as a fiscal one and how the wrong medicine of across-the-board austerity was administered, worsening the situation. The so-called bailout of Greece was in fact a disguised bailout of foreign creditor banks promoted by ideologically driven parties that have not been shy about advancing their own interests.