It’s working for us in part because our states, while unique, don’t have the centuries of cultural and linguistic diversity that Europe’s do. The separate languages, cultures, and histories of its nations don’t mean Europe can’t develop better ways cooperate economically; but the EU structure—specifically the European Monetary Union and the euro—clearly isn’t the answer. There is no mechanism for resolving Eurozone problemsItaly’s banks are holding something like €350–400 billion in nonperforming loans, depending whose numbers you believe. If a bank can’t collect on the loans it made, it can’t repay the money it has borrowed, and the whole edifice collapses. I can’t say the following any better than the writer, James Forsythe, did, so I will just quote him.

Source: Forbes January 15, 2017 14:00 UTC