Delusions of the Euro Zone The Lies that Europe's Politicians Tell Themselves

Since its inception, the euro zone has been built on lies, the most grievous of which is the idea that the common currency could work without political union. But Europe's politicians are currently suffering under a different but equally fatal delusion -- that they have all the time in the world to fix the crisis.
A ceremony to mark the launch of the euro coins in Frankfurt in December 2001: The euro was always built on delusions.

A ceremony to mark the launch of the euro coins in Frankfurt in December 2001: The euro was always built on delusions.

Foto: KAI PFAFFENBACH/ REUTERS
Translated from the German by Josh Ward