three sections, the first of which surveys the diverse outcomes since the launch of the euro. This illustrates how the … benefits the euro can generate depend on the degree of openness, flexibility and income correlation among euro area countries …

-2010. These events exacerbated imbalances that had already been building-up in the euro area. Then, in early 2010 the Sovereign … Debt Crisis of the euro area was triggered by unsustainable finances in some countries and overstretched banks. The euro … stability. The acute phase of the euro area crisis was followed by weak, and at times negative, growth and a protracted period …