Political union means transferring the prerogatives of national legislatures to the European parliament, which would then decide how to structure Europe's fiscal, banking, and monetary union.
Barry EichengreenWhile holding the eurozone together will be costly and difficult and painful for the politicians, breaking it up will be even more costly and more difficult.
Barry EichengreenThe consequences of a collapse would not be pretty. Whichever country precipitated it - Germany by threatening to abandon the euro, or Greece or Spain by actually doing so - would trigger economic chaos and incur its neighbours' wrath.
Barry Eichengreen