European Contagion?

http://graphics8.nytimes.com/bcvideo/1.0/iframe/bcArtIframe.html?z=0&videoId=1247466963617&pageSection=world
The accumulation of budget deficits in some European Union countries has created a classic moral hazard problem for the EU, and especially Germany, which championed the common currency over a decade ago. The current debt and currency crisis in Europe poses threats to Spain and Italy as well. The video to which this link leads explains the complexities and hazards of sharing a currency across national borders. Here is the full article from the New York Times.