• The creation of the euro has been flawed from the beginning; it’s most definitely not an optimum currency area.
• It has a tendency to expand differences, rather than diminish them through one-size-fits-nobody monetary policy and potential vicious cycles.
• However, there is one curious mechanism that sweeps much of these problems under the proverbial carpet and keeps the euro afloat.

Source: Meet The Perpetual Bailout Mechanism That Keeps The Euro Afloat | Seeking Alpha