The acid test of system sustainability comes not when things are going well, but when things are going badly. This is the situation with the Euro Zone (EZ for short) where the current common currency arrangement is failing this test. More to the point, the Euro Zone, as we know it, will be significantly different by the end of calendar 2012.
This article on the future of the Euro considers three questions. First, what are the requirements for a sustainable currency area and did the Euro meet them? Second, what can be done to avert a breakup of the EZ? Third, what are the implications for the Caribbean and more specifically, Jamaica?