The euro got a boost Thursday after the European Central Bank promised loans to shore up the finances of European banks, but the region's sovereign debt crisis is far from over. Investors are still afraid that Greece and other debt-burdened nations will collapse, bringing the entire eurozone down with them. Turning Europe into a common market with a single currency was supposed to increase choice and competition, lifting all the members' economies at once. Has the plan backfired, or can the euro still be saved?
The euro is broken beyond repair: The euro's birth 11 years ago "was the moment when the good magic of European integration turned evil," says Stephen King in the Irish Examiner. Using the same coins and bills was supposed to make former rivals into "natural business partners." Instead, it created a monster the political class wasn't equipped to handle. Now the euro is in "a permanent vegetative state." As leaders try one bailout remedy after another instead of pulling the plug, the euro will just die a slower death.
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