The current crisis of the Euro emphasizes some basic lessons from the study of resilience of dynamic systems. Attributes of complex systems that enhance resilience are diversity, redundancy and modularity. There is a cost of maintaining resilience. The decision to have one currency among different countries in Europe was based on a focus of efficiency. This could be reached as long as economies would grow steadily and the countries kept their budgets in check.
Unfortunately, some countries did not so. Also Germany and France have broken maximum governmental budget shortages, and no actions were taken. It sounds as if the basic principles of institutional design were not met. Meaning that there was no proper monitoring and were no proper enforcement mechanisms. Surprisingly there are not even regulations how countries may leave the EU or Euro.
By creating a tightly connected system without proper enforcement it is no surprise that the resilience of the European, and global, economy has been decreased. The budget crisis leads now to a spiral of distrust among participants in the action arena of the global financial system. It does not help either that the USA is not able to reach to any solution to their own budget problems.
If there was more modularity we could afford countries to fail. But in the tightly globalized financial system, a failure leads to a cascade of dominos falling. A short-sighted focus on efficiency has led to a costly endeavor and likely collapse of the euro. We can learn from long-lasting biological systems and the importance to develop system features that enhance resilience. Hopefully during the recovery after the pending transformation more emphasis will be given to design system properties to enhance resilience.