How the euro divided Europe, and why countries like Bulgaria should not join

Twenty years after its creation, the euro remains a fair-weather construction, fueling divergence rather than driving convergence. Until recently, this outcome inspired heated debates – and thus hope that Europe was aware of the centrifugal forces threatening its foundations. This is no longer so. When the eurozone finance ministers issued their joint paean to the single currency, something remarkable happened: Nothing. No one joined in the celebrations. No one cared enough to dissent. Such apathy does not bode well for a union that is being torn apart by widening inequality and xenophobic populism.