The crisis of sovereign debt in Europe revealed the limits and anomalies of the Euro, the common currency for 17 European Union member states, which participate in the EU common market but are denied independent monetary policies, even during a period of severe economic contraction and illiquidity. Such rigidity has had some perverse effects, such … Continue reading ‘The Convergence Illusion’: Why Europe’s Approach to the Financial Crisis Isn’t Working – and What to Do About It