The European Union and the International Monetary Fund (IMF) have pledged to make nearly $1 trillion available in loans if needed to defend the European single currency and the euro zone.

The move seemed to put a halt to the domino effect after worries that the latest Greek financial crisis may spread into other EU states.

But many analysts say the fundamental problems are not being addressed.

Would it resolve the basic dysfunction at the heart of Europe's monetary union?

Can a unified currency work, or will taxpayers in rich EU states end up paying for the blunders of corrupt politicians and bankers?

Joining the programme are Michael Hudson, a former Wall Street economist and president of the Institute for the Study of Long-Term Economic Trends, Iain Begg, a professorial research fellow at the European Institute at the London School of Economics and Political Science, and David Buik, a markets analyst and partner at the broker BGC Partners.

This episode of Inside Story aired from Tuesday, May 12, 2010. 

Source: Al Jazeera