Economics

Is the Euro to Blame for Italy’s Economic Woes?

The common currency hasn’t overcome the country’s structural problems.

Residents of Palermo, Italy, show off freshly minted euros in the early aughts. — Residents of Palermo, Italy, show off freshly minted euros in the early aughts.
Photographer: Eric Vandeville/Gamma-Rapho/Getty Images

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By Alessandro Speciale and Chiara Albanese

December 18, 2018 at 5:01 AM UTC

This article is for subscribers only.

This article is part of the December 24, 2018 issue of businessweek.

Dario Calogero is still as enthusiastic about the euro as he was at its birth 20 years ago.

Back in 2000, when the single currency was barely one year old, his financial-services startup landed a €1 million ($1.13 million) investment from a venture capital fund. Calogero’s bank in Italy, though, was unable to accept such a large transfer into his pioneering euro-denominated account. So the tech entrepreneur had to place 28 checks in a briefcase, walk to his bank branch in Milan, and personally deposit the money.