The Jury Is Out on the Euro

Finally, for all the talk today of the discipline that the gold standard supposedly provided, countries that adhered to it regularly suspended convertibility?meaning that the domestic currency could no longer be converted freely into gold. But today?s Europeans have no domestic currency?just the euro. If any country?for example, Greece?left the euro, all contracts in that country would have to be rewritten. The disruption, particularly to credit, would be profound.

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