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 EichengreenAs for the single market, the E.U.'s landmark achievement, there is no question that a euro zone breakup would severely disrupt its operation in the short run.
Barry EichengreenMore than the Big Mac, Coca Cola, or Levi's 501 jeans, the dollar is surely the United States' signature export.
Barry Eichengreen