The euro was, and remains, a terrible idea — that’s the consensus among British and American economists, anyway. From Martin Feldstein on the right to Mervyn King in the center and Paul Krugman and Joseph Stiglitz on the left, the conclusion is clear: Europe’s monetary union was a mistake and it should be dismantled. [...]
More than two-thirds of eurozone citizens — even those living in the most crisis-hit countries —want to keep the single currency. Take Greece. In the fall of 2005, just 46 percent of Greeks supported the euro. Ten years and two painful, humiliating near-Grexits later, the number climbed to 70 percent. Greeks and other Southern Europeans know the problems they face have mostly domestic roots. Leaving the euro, they feel, would only make matters worse. [...]
This is why left-wing parties like Syriza in Greece and Podemos in Spain — and even separatists in Catalonia — have refrained from calling to ditch the euro. The one exception is Beppe Grillo in Italy, but few believe that the comedian-turned-political-leader is serious about pulling his country out of the eurozone. [...]
Nor will Germany leave the euro, as suggested by Stiglitz and King. No chancellor wants to go down in history as the one who killed the European project. As Merkel made clear during the recent crisis: If the euro fails, Europe fails. This is precisely why Alternative for Germany has morphed from an anti-euro into an anti-immigration party. There are very few votes to win by bashing the euro in Germany.
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