The Flawed Governmental Architecture of the Eurozone
The European Monetary Union was developed within the context of a greater European integration project. Within that context and given the inertia of over 40 years of progress, the union could not be reconfigured to suit a currency union. Instead, the currency union had to be configured within the context of the EU. This has proven problematic from an economist’s point of view as Europe’s governance does not include a body with the incentives to make Europe-wide decisions in the interest of the union, regardless of the interests of individual member states. The supranational institution that is the EU does not have a strong federal decision-making authority over the nations it includes. ...
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