Understanding the Difficulties of the Euro

"...when the single European currency was first proposed, an obvious question was whether it would work as well as the dollar does here in America. And the answer, clearly, was no... Europe isn't fiscally integrated: German taxpayers don't automatically pick up part of the tab for Greek pensions or Irish bank bailouts. And while Europeans have the legal right to move freely in search of jobs, in practice imperfect cultural integration -- above all, the lack of a common language -- makes workers less geographically mobile than their American counterparts."

Source: NYTimes.com
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