Hubris, realism and the European project

In 1995 many commentators saw market integration as the route to economic efficiency, while some European elites believed currency union a desirable political project in itself, independent of its concrete economic implications. The subsequent years have taught us painful lessons. Future policy needs to be based on a more realistic assessment of both market and political imperfections, if we are to preserve what is truly valuable and noble in the European project: a shared commitment to peace, co-operation, democracy and liberty. It is concluded that unless EU leaders are willing to establish a more complete economic union, a controlled breakup of the eurozone might be the least bad option.

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