By Joschka Fischer/Berlin  

The price of the monetary union’s survival, and thus that of the 
European project, is more community: a banking union, fiscal union and 
political union. 
Those who oppose this because they fear common 
accountability, transfers from rich to poor and a loss of national 
sovereignty will have to accept Europe’s re-nationalisation – and thus 
its exit from the world stage. 
No alternative – and certainly not the 
status quo – will work.

It has become common knowledge in Europe that
the ongoing crisis will either destroy the EU or bring about a 
political union, and that, without a solidarity-based solution to 
existing debt and a partial mutualisation of new debt, the euro cannot 
be saved. 
Such steps will make far-reaching transfers of sovereignty 
unavoidable. Is Germany – or France – willing to do that? 

 

 

http://www.gulf-times.com/opinion/189/details/350990/the-real-crisis-of-the-eu-is-not-financial-but-political