Hmmm. Where to start on this one? It is admittedly not monetary union as such that has imposed crushing austerity on struggling economies, but the politics of the euro most certainly has, and if that’s not an example of dysfunctional monetary union unnecessarily deepening the malaise, I don’t know what is. The politics of the euro has also prevented the more extreme versions of monetary activism practised in Britain and the US. It is surely no coincidence that the countries that have practised these policies are growing again, whereas the eurozone is not.