This book represents one of the best overviews of the euro’s current travails and future prospects. It reflects the virtues of The Economist, where both authors work: the analysis is well informed, concise, sober, and backed by pertinent data. It also shares the vices of magazine writing, notably an episodic approach to presentation and an overemphasis on the current conventional wisdom. Peet and La Guardia argue that although establishing the euro was a mistake based on over-optimistic beliefs about future economic convergence and institutional development, muddling through remains the only viable alternative. Yet when it comes to how, exactly, to do that, they seem as perplexed as today’s European leaders.