Starting this week I'll be writing a column for Bloomberg View. I'll be ranging more widely than US politics, my terrain of late. My first article is on the euro:
One thing nobody can say about the euro-region crackup: We never saw this coming. We saw it coming, all right. Europe's currency area is falling apart at the very fault lines skeptics described in detail when the plan was still just a plan.
Sovereign-debt crises in peripheral countries? Collapsing governance in Italy? German intransigence on "sound money" and the role of the European Central Bank? Color me amazed...
My main point, though, is this: although the skeptics have been proved right, and we have learned that the design of the euro system was deeply flawed, trying to dismantle it now, or allowing it to collapse, would be an even bigger mistake. The system has to be made to work.