Wall Street Journal
March 17, 2011
European leaders are having a tough time patching cracks in their grand experiment in which 17 sovereign countries share one currency.
The euro had a pretty smooth run for its first decade, defying skeptics who saw political and historical reasons for its creation but economic hurdles to making it work. The past year has revived those worries.
So while the rest of the world focuses on the earthquake-tsunami-nuclear disaster in Japan and instability in the Middle East, Europe is struggling to shore up the euro's economic footing.
It's a conversation—complicated by acronyms, local politics and national rivalries—hard for outsiders to follow. But it can be boiled down to one contradiction and two fundamental tensions.
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