摘要：The introduction of the euro went smoothly, and even though economic performance was sluggish and widening current account defi cits and surpluses were clearly evi- dent, it appeared to be functioning well through the early years. Although there had been occasional rumblings in opposition to it, there had not been, until the past three years or so, any serious contemplation of the withdrawal of a country from the euro or of the break-up of the eurozone. The budgetary crises, the high levels of unemploy- ment and the imposition of austerity have not only spawned the eurozone crisis; they have also led to serious doubts on the future of the euro and whether its continued existence with the present policies is compatible with prosperity in the Economic and Monetary Union (EMU).
