1. Currency zones don’t solve the problem of payments imbalances.
2. The “structuralists” got it wrong.Levy Institute Policy Note
3. There is no French-German compromise on policy convergence.
4. Competition reduces inflation but does not produce growth and convergence.
5. A common currency does not eliminate the need
for internal adjustments.
6. The solution to the problem facing the eurozone is not increased political integration via more sovereign EU economic and political institutions.
Six Lessons From the Euro Crisis
(h/t Stephanie Kelton via Twitter)