Back around 1992 and before the common currency was implemented, The Wall Street Journal had a series of three, front-page articles reviewing several centuries of history regarding attempts to create a common currency where everything else remained uncommon, independent and uncoordinated. With the exception of the United States of America (which grew into cohesion under Federalism concepts as states were added to the Union), there wasn't a single example where the attempt at creating a common currency succeeded -- and that, the Euro was destined to repeat that history, albeit via several decades of agony trying. Comes Pimco in 2015 to repeat the observations and prediction two decades into the Euro experience. I didn't take the effort tonight to locate that series of articles, but it would be interesting to conduct a search and review those articles in hindsight. It would be more meaningful and credible now.
Pimco - world's biggest investor - says eurozone can't survive
The eurozone is "untenable" in its current form and cannot survive unless countries are prepared to cede sovereignty and become a "United States of Europe", the world's biggest bond investor has warned. The Pacific Investment Management Company (Pimco) said that while the bloc was likely to stay together in the medium term, with Greece remaining in the eurozone, the single currency could not survive if countries did not move closer together. Persistently weak growth in the eurozone had led to voter unrest and the rise of populist parties such as Podemos in Spain, Syriza in Greece, and Front National in France, ... (full story)