Preventing the Next Eurozone Crisis Starts Now

As a public policy think tank dedicated to studying issues that resonate internationally, France Stratégie publishes regularly in English on the labour market, the digital economy, sustainable development, economics and social affairs.European leaders have devoted scant attention to the future of the eurozone since July 2012, when Mario Draghi, the European Central Bank’s president, famously committed to do 'whatever it takes' to save the common currency. For more than four years, they have essentially subcontracted the eurozone’s stability and integrity to the central bankers. But, while the ECB has performed the job skillfully, this quiet, convenient arrangement is coming to an end, because no central bank can solve political or constitutional conundrums. Europe’s heads of state and government would be wise to start over and consider options for the eurozone’s future, rather than letting circumstances decide for them.

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