ABSTRACT
The Euro crisis has raised and continues to raise heated debate among economists and the number of interpretations is impressive and growing as time elapses. Within leading macroeconomic thinking and the models used by central banks, ministries of finance and financiers to assess the viability of the euro, the key variable was the relative frequency of symmetric shocks easily dealt with by a common monetary policy and asymmetric ones that would justify maintaining national monetary policies. De facto, a survey of the origins of the Rome Treaty and subsequent development suggests that new European public assets, such as financial stability, or a modicum of solidarity were necessary for the long-run viability of the euro. The role of political factors has to be introduced to explain this lack of concern for imposing financial regulation that could have fostered the long-run competitiveness of each national productive system.
