The 1992 crisis proved that the existing system was unstable. Not moving forward to the euro would have set up Europe for even more disruptive crises.
Barry EichengreenThe consequences of a collapse would not be pretty. Whichever country precipitated it - Germany by threatening to abandon the euro, or Greece or Spain by actually doing so - would trigger economic chaos and incur its neighbours' wrath.
Barry EichengreenWhile holding the eurozone together will be costly and difficult and painful for the politicians, breaking it up will be even more costly and more difficult.
Barry Eichengreen