Future of the euro zone: proposals for political integration

Having successfully celebrated its 10th anniversary the euro is doing well, whilst the euro zone still finds itself in the midst of an endless crisis. The relinquishment of national currencies implied the implicit sharing of sovereignty, with the creation of a Central Bank that was federal in nature. The challenge was great: how could a State-less currency be created in Europe? From the very beginning of this century Europe has found itself in a state of torpor: it has been unable to promote growth and to raise itself as a model of prosperity for the rest of the world. Europe has also been unable to anticipate the financial hurdles that the States that make it up now face and only resolved to take action in the sovereign debt crisis when the emergency arose. The time in which we now live, that is both exciting and vertiginous, has heralded the end of the illusions maintained by the States and the start of European wisdom. It is the governance of the Member States as well as that of the euro zone that are at stake.

• Primary Source

ESO: Background information: Saving the euro: Bound towards a tense future http://www.europeansources.info/record/saving-the-euro-bound-towards-a-tense-future/

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