Quotation

Even euroskeptics like me realize that breaking up the euro now that it exists would have very serious costs. For one thing, any country that seemed likely to exit the euro (e.g. Greece) would immediately face a huge run on its banks, as depositors raced to move funds to more solid euro nations (Pg. 184) Moreover, an about-face on the euro would be a dramatic political defeat for the broader European project of unity and democracy through economic integration - a project that, as I said at the beginning, is very important not just for Europe but for the world" (Pg. 185)