Despite the deepening crisis, when taken as a whole the Eurozone's basic figures do not look too bad. But because the Eurozone is a flawed construction these figures are only a distraction, and the need for real reforms remains.
The actions of Britain's coalition government are making it more likely that we will see the EU disintegrate, leaving behind a saved Eurozone that marginalises all those outside it – including Britain itself.
The present crisis of the Eurozone is a direct consequence of a half hearted, half considered, half explained and therefore half finished integration. Europeans must be prepared for sacrifice, but our leaders must make sure that sacrifice is worthwhile.
The reaction of both the markets and politicians suggests that the latest euro summit has been a success. But the outcome is unlikely to end the euro crisis, and parts of it might actually make it worse.
Throughout the Eurozone crisis, France has been well served by its decisive presidential system. But as thoughts turn to reforming the way the Eurozone works, France must come to terms with the power implications of a more federal system.
The European Union’s combination of crises – of finance, politics, and identity – makes the once unthinkable a real prospect: Europe is not “too big to fail”. What then should concerned Europeans do to ensure their continent's survival and progress?
How might European disintegration play out if we do not learn from past folly? Uncontrolled collapse, a decisive jump forward leading to a big step back, or disintegration in disguise due to benign neglect?
Europe's economic troubles have forced it to continue looking to China for financing. But Beijing, which is thought to hold up to 30 percent of its reserves in euros, is driving an increasingly hard bargain.
The European financial crisis is not just about the immediate debt problem: it's about Europe's longer term viability in a more competitive world. For the sake of future European generations we need to start the hard bargaining process over real and painful reforms straight away.
In this contribution to an online Economist debate on the future of the euro, Thomas Klau argues that the single currency is indispensible if Europe is to punch its weight on the global stage in the 21st century.