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Governments have collapsed and bailouts have run into the hundreds of billions of euros, and still the eurozone crisis builds. How did we get here?
Exports as a percentage of GDP
Part of Europe's problem is that today few of the countries have major export bases. Germany remains an export-based economy, but that is not the case in most of the eurozone. A key question when looking at the eurozone, says Kirkegaard, is “Does this country have anything that the world wants to buy?” In many cases, the answer is, "Not much."
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