Mr Krugman, who pioneered formal economic analysis of what causes currency crises, points out that Asia's banks and finance companies operated with implicit government guarantees.

ECONOMIST: Disaster has spawned a new theory of financial crises

What, in the final analysis, stands behind this currency?

BBC: Europe's long, uncomfortable summer

The international community wants the eurozone to demonstrate what - in the final analysis - stands behind the single currency.

BBC: Europe: Condition acute for eurozone