Publication

This publication argues that a fundamental choice lies at the heart of the crisis in Europe, and that is the political cost of greater economic integration. To solve its financial problems, decision making will need to be more centralized, and sovereignty of individual EU members will be compromised. If this does not happen, the current muddle-through-approach will prevail, with the crisis potentially lingering over years, and eroding EU economic and political viability, perhaps disastrously.