Argentina's warning to would-be Euro deserters

Indeed, talk about exiting the euro has intensified, particularly in southern eurozone countries that desperately need to regain competitiveness. But a look at what exiting the euro might mean in practice should stop such talk cold.

Adopting a stronger currency (as in "euroisation") is neither difficult nor particularly unusual. Introducing a new, weaker national currency to substitute for a stronger one in times of financial distress is an altogether different matter, about which most economists know almost nothing.