• While it seemed like the ECB had saved the eurozone from imploding a few years ago with Draghi’s “whatever it takes,” underneath, tensions have remained.
• While there are some small pockets of improvements (Ireland), mostly, the situation has kept deteriorating- in Italy and France, but also in Germany itself.
• This isn’t a surprise. Just like in the 1930s, a currency union is simply too constraining for it to work.
• Ultimately, the choice is for Germany, whether they accept the things necessary to give the euro at least a chance, things that go deeply against their economic beliefs.
• Or they should leave the euro. If they keep dithering more, markets or people in the streets will make the choice for them, that ain’t going to be pretty.

Europe Is Coming Apart | Seeking Alpha