The 24% unemployment reached at the depths of the Great Depression was no picnic.
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Barry Eichengreen Quote
“Southern Europe has not done enough to enhance its competitiveness, while northern Europe has not done enough to boost demand. Debt burdens remain crushing, and Europe's economy remains unable to grow.”
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The consequences of a collapse would not be pretty. Whichever country precipitated it - Germany by threatening to abandon the euro, or Greece or Spain by actually doing so - would trigger economic chaos and incur its neighbours' wrath.
This crisis of long-term unemployment is having a profoundly damaging impact on the lives of those bearing the brunt of it. We know this thanks to a series of careful studies of the problem conducted in the depths of the 1930s Great Depression.
As for the single market, the E.U.'s landmark achievement, there is no question that a euro zone breakup would severely disrupt its operation in the short run.
Across the continent, political divisions are deepening. For all of these reasons, the specter of a euro zone collapse has not been dispatched.
Every day it seems more likely that we are destined - or should one say doomed? - to replay the disastrous economic history of the 1930s.