If Italy Goes, So Does the Euro

Italy is too big to fail

A euro logo in front of the headquarters of the European Central Bank in Frankfurt, Germany, in a file photo. Ralph Orlowski/Getty Images

The January 1999 introduction of a common currency, the euro, for several European Union countries was a great, visionary concept. It proved extremely helpful in facilitating business and afforded Europe a stronger position in global currency markets.

But today, the eurozone faces a crisis that can no longer be ignored or fixed without high costs.