As 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 EichengreenWhy was there so much work-sharing in the 1930s? One reason is that government pushed for it. In his memoirs, President Herbert Hoover estimated that as many as two million workers avoided unemployment as a result of his efforts to promote work-sharing.
Barry EichengreenMore than the Big Mac, Coca Cola, or Levi's 501 jeans, the dollar is surely the United States' signature export.
Barry EichengreenFor those unfortunate enough to experience it, long-term unemployment - now, as in the 1930s - is a tragedy. And, for society as a whole, there is the danger that the productive capacity of a significant portion of the labour force will be impaired.
Barry Eichengreen