Krugman says not. But, the Euro is still there, and wages are inflexibly adjusting. Krugman bemoans the lack of a short cut, there never is, Even without the short cut, the Euro remains.
The Euro has too much utility to be abandoned because peripheral wages adjust inflexibly. Consider the pain that peripheral countries will suffer if they leave the Euro, most of them will go into a depression as they recreate all the capital markets they have lost.
Inflexible wage adjustment is OK, that is how humans operate, inflexibly.
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