Complex networks have many interconnected components which influence each other's behaviour. The eurozone – the 17 countries that share a common currency, the euro – is similarly interdependent, with similar feedback mechanisms. The trick is to get the balance right. "Cascades of failure may be controlled by changing the nature and strength of the links between various parts of the networks," says Fisher. Much current research in complex systems focuses on assessing connectivity correctly to enable that.
Complexity theory shows what went wrong. Yaneer Bar-Yam of the New England Complex Systems Institute in Cambridge, Massachusetts, says his still-unpublished studies show that investors profited by driving down the value of Greek government bonds, triggering the crisis. And, he suspects, they have now moved on to Italy. If instead of national bonds issued by sometimes weak economies, the eurozone had one common bond backed by powerhouses such as Germany, such an attack could not have happened.
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