The more fundamental problem with the euro is that its adoption has not pushed countries to address these underlying deficiencies. It was expected that full integration of product and financial markets would expose inefficiencies, steering investment flows away from laggards towards the more efficient countries.
Larry Summers, ex Secretario del Tesoro de los EU y presidente actual de la Universidad de Harvard, se refirió alguna vez a la moneda única europea como "una distracción" de las serias reformas del lado de la demanda que Europa tenía que encarar.