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This article makes three interrelated arguments: first, the sovereign debt crisis is more complex than a simple story about fiscally irresponsible governments which now are being forced by international financial markets to tighten their belts. Ultimately, it is the result of a political decision to create a currency union among economically non-homogenous countries without making any provision for the use of democratically legitimated fiscal transfers to correct asymmetric shocks.
When the heads of European governments signed the Treaty of Maastricht in 1992, they laid the ground for Europe’s economic and monetary union (EMU) and, eventually, the introduction of the euro. Far from being merely an economic project, the common currency, so they hoped, would help pave the way towards a shared European identity. Today—almost a quarter century after Maastricht—that goal remains a distant prospect.
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