After explaining the birth of the euro, the book goes on to detail the events that are causing its demise. Bagus, as everybody else, blames it on the excessive ease with which Euro members issued sovereign debt bonds. Bonds that, with the implicit backing and strength of the ECB (European Central Bank), benefited from interest rates far lower than what the issuing country could have got on its own. An excessive debt issuing that not only did not end when the financial crisis arrived, but was made even bigger. See post 'Debt death spiral' from January for more about this endemic problem that threatens the stability of the eurozone.
To sum up, a highly insightful book about what the euro could have been but more importantly about where it is leading Europe by not being what it was thought to be.
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