Publication

In order to design the appropriate governance institutions for the eurozone it is important to make the right diagnosis of the nature of the debt crisis in the eurozone. Failure to do so, can lead to designing a governance structure that is inappropriate for dealing with the problems of the eurozone. In this paper the author argues that the governance structure that has emerged after a series of decisions of successive European Council meetings, although an important step forwards, fails to address some fundamental problems in a monetary union.