Updated Friday, May 29, 2015 as of 12:21 AM ET

No Easy Answer to Euro

A popular narrative has unfolded around Europe's sovereign debt crisis. It revolves around extravagance in Europe's periphery and the need for Europe's more responsible countries to deal with the repercussions of excessive debt. It applauds efforts to discipline certain countries in order to guard against a recurrence of less-than-prudent fiscal and financial behavior. Though this popular story carries much truth, Europe actually has more fundamental problems.

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