The euro is a new currency, and the ECB as a new institution still has to establish its reputation. The best way to do … because market participants are unclear about which of the two pillars is the dominating one. The ECB will have to rethink its … crisis will be the real test for the euro. Politics has to accept the depolitization and the denationalization of the common …

Jean Pisani-Ferry and André Sapir believe that the euro has proved attractive as a fair-weather currency for countries … succeed as a stormy-weather currency. The authors already detect, howevever, that the crisis shows the euro-area governance …