It is often said that Europe needs tighter political and fiscal integration to save the euro, but there is no political will for that, and likely never will be. Sovereign governments, it turns out, do not willingly cede their own sovereignty. If the euro zone is to be saved, Europe’s voters will have to save it. Everything they’ve done in the past year suggests that they would rather risk financial disaster than be wedded to countries with mores and politics very different from their own. The reason Europe lacks a lender of last resort is that its citizens don’t want one.
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