Has the Euro gone down the toilet?

The reasons behind the creation of the Euro zone are probably good ones if you want a united Europe that stops creating wars and conflict. But the entire concept was not thought of carefully and the absence of a real central European bank to regulated local economies means that the entire project is now under danger. Greece, Portugal, Ireland, Spain and to some extent Italy are not ready for this punishing regime. Greece for example had many crisis in the past and was able;e to deal with these by devaluing the Drachma which it cannot now do The same applies to Portugal. So I think we should all admit defeat on the euro land project and go back to good old currencies...