# An op-ed by David Backus and Kim Schoenholtz on the euro crisis

1 Faculty News October 15, 2012 ![Huffington Post logo](/sites/default/files/styles/246w/public/assets/images/huffpost192x144.jpg?itok=sF2Y0c9v)>

Excerpt from [The Huffington Post](http://www.huffingtonpost.com/david-backus/the-euro-bad-idea-poorly-_b_1968624.html) -- "First, flaws in the design and implementation of the EMU have made the crisis worse. Second, the decentralized decision-making process of the EU, with political power concentrated in countries rather than Europe, makes effective crisis management nearly impossible."

[Read more](http://www.huffingtonpost.com/david-backus/the-euro-bad-idea-poorly-_b_1968624.html)