Cross of Euros
欧元区面临短期宏观经济调整问题和长期制度缺陷，本文借鉴金本位和美国历史经验，分析货币联盟的成败教训，指出制度变革只在危机时发生，欧元区领导人需正视历史教训。
The eurozone currently confronts severe short-run macroeconomic adjustment problems and a deficient institutional architecture that has to be reformed in the longer run. Europe's efforts at economic and monetary union are historically unprecedented. However, the gold standard provides lessons regarding what will and won't work, macroeconomically and politically, in the short run, while US history provides long-run lessons regarding appropriate institutional structures. The latter also suggests that institutional reform only happens at times of great crisis, and that it cannot be taken for granted. The eurozone's leaders may therefore ultimately have to take heed of the lessons of history regarding currency union breakups.