INTERNATIONAL POLICY ANALYSIS Euroland Put to the Test Can European Monetary Union Still Be Saved? May 2010 ࡯ Thomas Fricke After the Greek disaster: Monetary Union needs fundamental reform ࡯ Niels Kadritzke Greece – Radical reforms need European solidarity ࡯ Ricardo Paes Mamede Portugal – Austerity policy with no guarantee of success ࡯ Santiago Fernández de Lis and Emilio Ontiveros Spain – The growth of the construction boom will not return ࡯ Philipp Fink Ireland – In the grip of the economic and financial crisis ࡯ Michael Braun Italy – Fears of a domino effect in the Eurozone despite a sound budgetary policy