The euro at ten: Is its future secure?

The euro is riding high and the financial crisis has illustrated the safe haven that membership provides. On the face of it, the future of the single currency looks rosy. But in this essay, Simon Tilford argues that the growth prospects of the eurozone risk being handicapped by the inflexibility and the external imbalances of its member-states. Countries such as Italy, Spain, Greece and Portugal need to move fast to improve their productivity. Germany needs to boost its domestic demand. Otherwise, the euro may have a troubled future.