Yanis Varoufakis is critical of the euro in general and Emmanuel Macron's effort to "turn the eurozone into a state-like entity - a federation-lite" in particular. He says, "Europe is at the mercy of a common currency that not only was unnecessary for European integration, but that is actually undermining the European Union itself." And he asks, "what should be done about a currency without a state to back it - or about the 19 European states without a currency that they control?" He says, dismantling the euro will be costly, but there is little appetite for a "re-nationalization of sovereignty."

On May 15 Varoufakis wrote in PS: "Macron understands the folly in the foundations of the eurozone. And he has promised to work tirelessly to convince Germany that Europe must speedily create a proper banking union, common unemployment insurance, a debt-restructuring mechanism...." Perhaps he should question the wisdom of Greece joining the eurozone in January 2001 - it was left out in 1999 for failing to qualify for membership. The socialist finance minister, Ioannis Papandoniou in Greece, described joining the euro as an historic day that would place Greece firmly at the heart of Europe.

But the president of the European Central Bank, Wim Duisenberg, warned that Greece still had a lot of work to do to improve its economy and bring inflation under control. Greece had to make deep cuts in public spending. Despite austerity measures, euro membership was hugely popular in Greece, with polls suggesting that nearly two-thirds of the population were in favour of the move.

But Greece cheated its way into the eurozone, with the blessing of Angela Merkel's predecessor, Gerhard Schröder, who was widely blamed in Germany for supporting Greece's bid. Critics said the decision to allow Greece to join the euro would send the wrong signal to financial markets - suggesting that in future other, weaker economies might be allowed in without complying fully with membership criteria.

Greece had one of the highest inflation rates in Europe. Government borrowing was also much higher than would be permitted normally under the Maastricht Treaty - criteria that need to be met to join the euro. People thought then, a Greek membership would not make a huge difference for the eurozone as a whole. But the 2008 financial crisis laid bare Greece's public deficits and debt pile.

Yanis Varoufakis returned to Greece in 2000, a decision motivated by nostalgia and the abhorence of the conservative government in Australia. Was he opposed to Greece's bid for euro membership in 2001? The Greeks were aware of the tough decisions they had to make to qualify for euro membership. But EU decision makers, like Gerhard Schröder et al made the mistake by being lenient towards aspiring euro countries.

Instead of criticising creditors - most of all Germany, the author should be critical of the social laresse showered in his country by the PASOK politicians to win elections since 1981. The party had been in power too long and had grown lazy, corrupt. During the Greek crisis he said it was unfair that Europe decided to load the largest loan in human history on the weakest of shoulders - the Greek taxpayers, calling the bailout a "fiscal waterboarding." Yet he fails to realise that it's also unfair for Greek politicians to borrow heavily in the past to bribe voters.

Obviously Varoufakis has his idea of the eurozone, which has its perils and is far from perfect. It's true that it will be costly to dismantle the institution, given so much political capital invested in it. However Greece's failure to thrive economically has more to do with politicians' incompetence to boost growth, by investing heavily in human resources, technology etc. and less with the single currency. Disparity can only be handled when all countries get their act together.

Both Merkel and Macron are pragmatists and will seek common ground, despite ideological differences, because they realise they need to seize the momentum now to improve the European project. They may not succeed in reforming the eurozone during the terms of office, as it is a herculean task. What they can do is to adopt a piecemeal tactic to achieve small goals step by step. Varoufakis should give them a try.