Brutish, nasty – and not even short: the ominous future of the eurozone | Wolfgang Streeck | Comment is free | The Guardian
▻http://www.theguardian.com/commentisfree/2015/aug/17/greece-eurozone-deal-north-south?CMP=share_btn_fb
Most importantly, with Greece staying in common currency, she can now reassure her core constituency, the German export industry, that none of the captive members of eurozone will ever be released, not even on probation – something much appreciated also by the German trade unions, the Social Democrats, and her geostrategically-minded American friends.
Of course none of this means the euro mess won’t continue. On the contrary, with a historic window for a fundamental recalibration of the euro system missed we are in for more of the same, and the next act of the drama is already beginning. The problem with the euro is not a lack of “European spirit” on the part of the Greeks, or of German inability to appreciate the failsafe recipes of US macroeconomics. It is that the monetary union is a fundamentally misconceived institution, as it denies weaker countries the possibility of devaluing their currency in support of economic adjustment while otherwise preserving member states’ sovereignty.
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