Mr Stiglitz presents the euro story as mostly tragedy:
“It was created with the best of intentions by visionary leaders whose visions were clouded by an imperfect understanding of what a monetary union entailed.”
It is a shame that such a dispassionate tone does not permeate the earlier chapters. Mr Stiglitz is at his best when coolly analytical and at his most trying when settling scores.
Yet on the essentials, he is surely right.
Without a radical overhaul of its workings, the euro seems all but certain to fail.