The Corner

Why the Euro Doesn’t Work

From my new Bloomberg column:

Proponents of the euro adopted the optimistic theory that its introduction would eventually make the region an optimal currency area. The euro would facilitate tighter economic integration, thus causing the business cycles of European economies to converge. It would also give rise to stronger European political institutions.

For a while, it seemed to be working. . . .

Ramesh Ponnuru — Ramesh Ponnuru is a senior editor for National Review, a columnist for Bloomberg View, a visiting fellow at the American Enterprise Institute, and a senior fellow at the National Review Institute.

Most Popular


Holy Week with Saint Paul

Just the other day, I ordered a replacement copy of The Passion of the Christ -- it can be so impactful for Holy Week meditation. In the years since its release, it’s become something of required Lenten viewing for me. But this year, there is a new movie to help with prayer, Paul, Apostle of Christ, released ... Read More

Heckuva Job, Paul and Mitch

As Thursday's editorial makes clear, the omnibus spending bill is a disgrace. That may be why about 40 percent of Republicans (and 40 percent of Democrats) voted against it. Apart from the absence of a DACA/Dream amnesty, the immigration portions represent a comprehensive victory by the anti-enforcement crowd. ... Read More
White House

Bill Clinton Redux

Stormy Daniels could have stepped right out of the 1990s. She would have been a natural in a Bill Clinton scandal, and, in fact, all the same means would have been used against her. Donald Trump’s tactics in these cases are almost indistinguishable from the Clintons’. The effort to shut down the ... Read More
Politics & Policy

California’s Pro-Nuclear Renegade

If California’s upcoming gubernatorial race gets decided solely by money, Michael Shellenberger doesn’t have a chance. The latest campaign filings show that Shellenberger, an environmentalist from Berkeley, has about $37,000 in cash on hand. The frontrunner in the June 5 California primary, Lieutenant ... Read More

Encouraging Signs in Iraq

Last year, relations between the Iraqi central government and the Kurds reached what was possibly an all-time low when the Kurds held an independence referendum in which 93 percent of voters opted to secede. The timing was no coincidence: Iraqi forces had retreated from Kurdish territory in 2014 as the Islamic ... Read More