The euro is in essence a foreign currency for a crisis-hit eurozone member

 An obvious danger arises in the one respect in which the world economy looks more fragile than 40 years ago: the size of the debt stock, especially the stock denominated in foreign currencies. 

Crucially, that is not only true of emerging and developing countries. 

The euro, too, is in essence a foreign currency for a crisis-hit eurozone member.

I worked as an economist at the World Bank in the 1970s. What I remember most about that period was the pervasive uncertainty: we did not have any idea what would happen next. Many mistakes were made, some out of over-optimism and others out of panic.

Martin Wolf FT 14 June 2022

https://www.ft.com/content/d5d68068-d3d7-4948-a13d-b36e8c2b8339

Det tråkiga för länder som är med i EMU, som t ex Grekland, Spanien, Italien, Irland och Portugal är att hela deras statsskuld, liksom alla privata skulder, är i euros, vilket för dem är en utländsk valuta, i meningen att landets centralbank inte kan framställa mer av den med viljekraft.

Om man har en sedelpress går man inte i konkurs

2011-11-04

https://englundmacro.blogspot.com/2011/11/om-man-har-en-sedelpress-gar-man-inte-i.html