European Disunity: The High Cost of Not Being in the Zone

Is the end really near for the euro zone as in-fighting escalates among European leaders over strategies to bail out debt-stricken economies and strengthen the banking system? Should Greece default on its debts and quit the European Monetary Union to contain political and social unrest, the contagion effect looks set to be global. Those who believe the Greeks should be left to go it alone fail to understand the wider punishing effects, warns Wolfgang Buehler, a professor at the Australian School of Business who has extensively analysed the crisis. While the fallout may be dire for European unity and international trade, in its bitter lessons are clues for a better way forward.