An honourable tradition of the European Union is that of turning a crisis into an opportunity. “Eurosclerosis” and budgetary squabbles in the 1980s were the precursors of the Single European Act of 1986; and the crisis of the exchange rate mechanism in 1992-1993 accelerated the creation of the European single currency. There is reason to believe that the current crisis of governance in the eurozone will follow this pattern if only because the alternative is really dreadful.
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