This paper looks at the short history of the Eurozone through the lens of an evolutionary approach to forming new … institutions. The euro has operated as a currency without a state, under the dominance of Germany. This has so far allowed the euro … to achieve a number of design objectives, and this may continue, as long as Germany does not shirk its growing …

(analogous to Germany today).However Bretton Woods is very different from the Eurozone in many dimensions. An even better analogy …An analogy has been made between the collapse of the Bretton Woods system in 1971 and the recent Eurozone crisis. The … liabilities) and Germany (a surplus country) with large claims is seen as similar to the rising and persistent balance of payments …

All of the attempts to end the euro crisis and to return the Eurozone countries to healthy growth rates of income and … Eurozone countries. I describe some of these fiscal options after reviewing the history of failed attempts and the options that …