Just a quick comment on the eurozone dysfunctions:
German consumer prices fell at the fastest monthly pace in a year in January as plummeting oil prices and weakness in emerging-market economies postpone a long hoped-for pickup in inflation. Prices declined 0.9 percent from December, the Federal Statistics Office in Wiesbaden said on Thursday. That’s the largest decline since January 2015. Even so, the annual inflation rate rose to 0.4 percent from 0.2 percent the prior month, in line with the median estimate in a Bloomberg survey.
German Prices Drop Most in a Year, Highlighting ECB Challenge - Bloomberg Business
So how are Spain, Greece, Portugal, Italy, etc. supposed to win back the 20-30% loss of competitiveness against Germany from the first decade of the euro because they had large capital inflows (largely as a result of the euro itself, as this removed the devaluation risk in those countries) and German wage moderation?
You guessed it, they have to run prices even lower than Germany, for a substantial amount of time running deep deflation.
What would that do to their economies?
What does that do to their debt-dynamics, when they have stagnant or even shrinking nominal GDP, the debt/GDP ratio keeps ratcheting up..
A veritable distruction machine, the euro. Even Finland, a model economy, is now a victim as it can't devalue to deal with the shock to the Finish economy (Russia imploding, Nokia, decline of paper exports)..