One thing is for sure: the EU € EURO single currency either was or was not created by fools. The EURO member nation states do not have the economic control mechanisms to prevent the occurrence - it is a car-park on a cliff full of cars with no handbrakes!
If we generously consider the EU economists were not all blithering idiots it must have been clear to them the current situation was indeed ultimately inevitable. In other-words this path to economic failure was deliberately planned.
WHY? The objective of the EU is, and always has been, ever deeper political integration, to dismantle the national sovereignty of the nation member states and build a federal EU soviet state. The EURO was one step to that goal but did not give the EU total control of the member-state’s economies - that would have been a ‘bridge too far’ at the time of establishing the currency.
So instead a deaf-ear was turned to those who proclaimed the eventual outcome could only be economic meltdown. Not because they were not right in the assertion but because this was actually the covert intention.
I am rather taken with the following video which goes far into explaining so much of what has happened to the EU economy:
- just for fun!