It´s complicated. To believe that the Euro is malice by design you would need to believe that current Macro Economics - which most economists are happy to agree is deeply flawed - is not only deeply flawed but is deliberately flawed and promulagated by a bunch of people who know it´s flawed and actually do understand the system well enough to do so maliciously.

To which the only response is seriously, have you met these people?!

However, knowing that it is deeply flawed, and knowing why, does reveal a bunch of economists pointing out it wasn´t a great idea before it happened, but not as it happens for quite the right reasons.

It can be observed, there are so many competing economics tribes at the moment, one of them is always bound to be right on something.

The reason it was a bad idea, is that economics doesn´t think very hard if at all about what the implications are of the banking system happily expanding the monetary system for each country at different rates, and it really didn´t think about what the impact of loan securitisation would be on things like inter-bank liquidity flows.

And here we are.