(no subject)

[timelets]

Paul Krugman keeps gloating about his euroskepticism. With all due respect to his talents, I'd say euro proved to be an extremely successful financial innovation. With the exception of Greece, all countries that adopted the new currency benefited immensely from it. Besides, the main reason that the euro "failed" in Greece was shameless cheating by the Greek government. Now, it appears, even they learned their lesson. Compared to the amounts of money lost in the US financial crisis, which included massive transfers to practically bankrupt states, the euro zone managed ok, given huge differences between its members. As long as Europe can resist its socialist tendencies and has the ability to make cheaters' lives economically miserable, the euro will be ok.