ABSTRACT
The euro house, for all its rickety defects, has proved durable through three years of stormy weather, relying on one shoddy compromise after another. The house may sag in places, the floorboards may be warped, and the roof may leak. But for all that, there is no reason to believe that it cannot long remain habitable, albeit uncomfortable. Europe’s leaders will not let it fail. Europe’s politics will not let it succeed. The euro, defective but defended, will simply endure.
