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Reluctance to move on from the euro

Most economists, even those never keen on EMU in the first place, don't want to admit that the time has come to abandon a failed experiment.

Shopping in a one-euro store in Athens, Greece last Friday. It has been obvious for some years that the "actually existing EMU" has been a costly failure, both economically and politically, but nothing is being done about it.

EUROPEAN Monetary Union (EMU) was never a good idea. I remember my surprise when, as a young assistant professor, I realised that I was opposed to the Maastricht Treaty. I believed then - and still do - that European integration is a very good thing. But the textbook economics I was teaching