Better to Suffer Inside the Eurozone

For Southern Europe, integration into an ever-deepening European Union has historically gone hand-in-hand with democratization and economic modernization. While the euro crisis and the policies of austerity, seen as imposed prescriptions, are undermining the pro-European stance of Southern European societies, in spite of all of the associated shortcomings and suffering, there is still a high level of support for the euro and the permanence of the Economic and Monetary Union (EMU) among Southern Europeans. A euro exit would have tremendous costs for these countries and their societies, particularly for the middle classes. People, governments, and businesses across Southern Europe have concluded that even if it is cold inside the eurozone, it might be freezing outside.

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