It's Not the End of Sovereignty in Europe

European leaders struggle to prevent the break-up of the Eurozone and put the monetary union on a sound footing. The costs of a break-up would be immense in the short, medium, and long-term – immediate losses, financial instability, and contagion, followed by spirals of competitive devaluations and other protectionist measures, capped by a loss of good-will to cooperate on anything substantial in the future. Still, legitimate concerns are being expressed in Germany and elsewhere in Northern Europe about being pressured into a superstate with unlimited liability for other peoples’ current and future debts. But does rescuing the Euro really terminally undermine national sovereignty and transfer authority to supranational institutions or cartels of South European sinner states?