1. Currency zones don’t solve the problem of payments imbalances.
2. The “structuralists” got it wrong. 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.
Levy Institute Policy Note
Six Lessons From the Euro Crisis Jan Kregel (h/t Stephanie Kelton via Twitter)