The Eurozone as a Non-Optimum Currency Area

In the WSJ, Vaclav Klaus, the president of Czech Republic, draw important conclusions from the long-term economic sustainability of the Eurozone (link), arguing that the Eurozone is not an optimum currency area as suggested by the famous four criteria from economic theory. In a puzzling essay, Mr. Klaus demarks the Eurozone as a monetary union of particular economic viability and, based on the assessment of growth dynamics in Europe, suggests that the Eurozone will face a deepening problem in the future.