The euro crisis has highlighted a range of problems with the "euro project." These problems and difficulties are related to fundamental weaknesses of the euro and the lack of a financially unified European Monetary Union. This short article attempts to explain the original shortcomings of the...

It's time to scrap the rules that limit budget deficits and let the national governments control their own fiscal policies in the European Union, say the authors.

The authors believe that a serious move toward a political union is probably necessary to save the euro. However, current arrangements are not yet adequate to get us there.