Europe's Problem Is Decidedly Not the Euro

"The sole use of money is to circulate consumable goods" - Adam Smith, The Wealth of Nations, p. 370

With the health of Europe's economy increasingly in question, a great deal of ink is being spilled as to its causes. Most unfortunate and wrongheaded is the growing view that the creation of a common currency - the euro - is behind the continent's troubles.

http://www.realclearmarkets.com/articles/2011/08/25/europes_problem_is_decidedly_not_the_euro_99208.html