THE DEGENERATION OF EMU To date, the successful launch of Europe's single currency has proven the Eurosceptics wrong. But over time, the euro will be gravely threatened if the countries in the eurozone do not put their fiscal houses in order. Generational accounting, a careful analysis of long-term trends, paints a bleak picture: unsustainable spending will bury future generations under mountains of debt. Most governments using the euro must either endure deep budget cuts, swallow sharp tax hikes, or be forced out of the eurozone