A stable euro requires more economic potential

Marc De Vos argues that the real euro-crisis is not today’s fiscal profligacy, but tomorrow’s economic potential. The cardinal issue for the euro is whether its member states will be able to avoid a welfare state trap: will they be able to reform before such reform becomes mutilation that furthers decline, instead of reversing it. Political scapegoating needs to stop. Structural reforms to boost growth and competitiveness are essential.