Here is an analysis by Financial Times analyst Martin Sandbu on the question posed on the title.

Martin gives the examples of two countries, Portugal and the Netherlands, two middle sized countries representing the European south and north respectively. He is making a point against the skeptics of monetary union claiming that the periphery countries should never have shared a currency, providing data on the second quarter of the year for both countries.

He posits «Against those who preach fiscal discipline above else, the Dutch recession shows that neither solid public finances nor (this is even less commonly appreciated) large current account surpluses are sufficient to prevent credit bubbles that bring the economy down when they burst.» To conclude that «After trying everything else first, eurozone leaders are finally starting to address the real problem.»