July 21, 2011
If there was one lesson to be learned from the European sovereign debt crisis, it was that monetary union by itself cannot work indefinitely. If Europe really wants to preserve the advantages of the euro currency, it will need far more fiscal and economic integration. Nations will have to give up a significant amount of sovereignty.
European leaders seem to be willing to accept that reality. But persuading publics may be far more difficult.
After more than a year of claiming that Greece could be bailed out without significant costs either for lenders or the rest of Europe, European leaders pledged on Thursday to pump in large amounts of money to try to revive the Greek economy while delaying repayment and reducing interest rates on existing loans.
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