Consider that when any country using the Euro experiences a financial crisis, it can have a detrimental effect on the value of the currency, which in turn can have a negative effects on the other countries. It has been argued that the introduction of the Euro as a common currency in 1999 created the moral hazard problem in the first place, and that the 2010 sovereign debt crisis was not the beginning. Explain why this may be true.

Please give all correct answer with explanation.