Where Is Russia’s Strongman in the Coronavirus Crisis?
Putin Lets Local Leaders Take the Credit and the Fall
As former U.S. Secretary of State James Baker once observed, "Almost every achievement contains within its success the seeds of a future problem." The eurozone crisis of 2010 provides a trenchant example of this phenomenon. When the long-sought but controversial implementation of a European Monetary Union (EMU) finally began -- as part of the bundle of deals that produced German reunification 20 years ago, on October 3 -- it represented a significant accomplishment. Though the idea of a single European currency had been around at least since the Werner Report of the 1970s, German reunification provided the necessary catalyst. For all the success of that achievement, however, it left behind fateful seeds, which sprouted into the 2010 crisis.
The eurozone crisis resulted not only from the economic woes of weaker member states but also from flaws in the Maastricht Treaty and from Germany's long-term declining interest in European cooperation. Since a crisis is