Is the Euro to Blame For Europe's Poor Growth?

Today's Guardian carries an excerpt from Nobel Prize winner, Joseph Stiglitz's new book, "The Euro and Its Threat to the Future of Europe". In it he suggests that, in its current form, the Euro is unworkable and operating so as to run contrary to the aims at its inception: it has neither encouraged growth, nor encouraged political integration - in anything other than a superficial sense.

The article can be found here: The Problem with Europe is the Euro

However, if this is intended to be a radical hypothesis, then I'm afraid that Stiglitz is sadly mistaken. It is, as Molesworth might say the sort of thing that "any fule kno".

The current state of the Euro seems to show that even top economists are sometimes unaware of basic economic principles, such as the 'sunk cost fallacy'. And if Stiglitz's call-to-arms addresses that at the very least, then perhaps it might have served a purpose.