The European Union is currently under public pressure over issues such as migration and Brexit. However, a longer-term malaise continues to rumble on: the difficulties thrown up by currency union. Richard Ferguson charts key events in the history of the Eurozone project and asks what the future holds.
Writing in 1961, the economist Robert Mundell considered that an optimal currency area broadly required four features to function: labour mobility, capital mobility, a fiscal transfer mechanism and, lastly, similar business cycles. His role in the . . .