A couple of years ago, as we were preparing to celebrate the euro’s 10-year anniversary, a common theme was that the new currency had not yet faced a serious challenge. Little did we know! The financial—and now economic—crisis has presented the euro area with a large number of varied tests. Many in Europe believe that the adoption of a single currency has been vindicated and that the euro is now in full ascendancy. I agree with the former but seriously doubt the latter.