Europe Must Choose a Currency Union or a Financial Union

If there was one lesson to be learned from the European sovereign debt crisis, it was that monetary union by itself cannot work indefinitely. If Europe really wants to preserve the advantages of the euro currency, it will need far more fiscal and economic integration. Nations will have to give up a significant amount of sovereignty.

http://www.nytimes.com/2011/07/22/business/europe-must-choose-currency-or-financial-union.html?_r=1&ref=global