Has the Euro Zone failed?

Václav Klaus, president of the Czech Republic, thinks so. At least, it hasn't obviously produced the promised increased growth. (Presumably, supporters could argue that the drop in growth would have been even greater, but they would have some explaining to do.)

It hasn’t delivered growth and the economies of member states have not converged. According to European Central Bank, average annual economic growth in the euro-zone countries was 3.4% in the 1970s, 2.4% in the 1980s and 2.2% in the 1990s. In the decade of the euro, from 2001 to 2009, it was just 1.1%. . . .



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