The euro should either be made growth and employment friendly as fast as possible, or it should be dismantled

Nobel laureate Christopher Pissarides was once a passionate believer in the benefits of European monetary union. In light of the damaging effects of the Eurozone crisis, he now writes that the euro requires urgent reforms to restore its credibility. He argues that the single currency should either be dismantled in an orderly way, or the direction of economic policy should be altered substantially to promote growth and employment.