The crisis has also shed light on flaws deep in the very structure of the euro zone. The fact that fiscal irresponsibility in a handful of members nearly brought the entire project to its knees Coach outlet has shown the need for economic policing of member states. There's talk of something like an "economic government" to coordinate individual countries' budgets. In mid-May, the European Commission, the E.U.'s executive body, proposed an advance-review process for Coach Heels budgets. But few of Europe's governments are likely to be keen on handing over more sovereignty to the bureaucrats in Brussels.
More fundamentally, the euro zone has to address the great disparities in competitiveness among member coach sunglasseseconomies, which range from economic powerhouses like Germany and France to basket cases like Greece. That will entail difficult structural reforms in countries like Spain, where labor laws have long featherbedded older workers Coach Sneakers while leaving a host of younger ones trapped in temporary jobs to weather economic storms unaided. But repairing inflexible and distorted labor markets will not be a political cakewalk, as the furious response by Greece's public-service sector has grimly demonstrated.
Perhaps Europe can manage all of this drastic change in the coming years, setting its currency on a healthier course. Until then, the world might just have to get used to a weaker euro. The research firm Capital Economics predicts that the euro will reach par with the U.S. dollar by the Coach factory outlet end of next year, falling from $1.24 per euro in the middle of this month — a further 20% depreciation against the greenback. The fact is, Europe deserves a weaker currency. Problem is, the rest of the world doesn't.
More fundamentally, the euro zone has to address the great disparities in competitiveness among member coach sunglasseseconomies, which range from economic powerhouses like Germany and France to basket cases like Greece. That will entail difficult structural reforms in countries like Spain, where labor laws have long featherbedded older workers Coach Sneakers while leaving a host of younger ones trapped in temporary jobs to weather economic storms unaided. But repairing inflexible and distorted labor markets will not be a political cakewalk, as the furious response by Greece's public-service sector has grimly demonstrated.
Perhaps Europe can manage all of this drastic change in the coming years, setting its currency on a healthier course. Until then, the world might just have to get used to a weaker euro. The research firm Capital Economics predicts that the euro will reach par with the U.S. dollar by the Coach factory outlet end of next year, falling from $1.24 per euro in the middle of this month — a further 20% depreciation against the greenback. The fact is, Europe deserves a weaker currency. Problem is, the rest of the world doesn't.