Not very insightful. The most important element, profoundly missing in the post-crisis environment, is a mechanism that will be in place to advocate and advance EZ-wide structural changes, with democratic legitimacy. Institutional changes coming from the current governance structure of the EU, are ineffective, oligarchic and, in fact, obsolete. Having a single currency and structural changes across members, without democratic legitimacy and with no regard for recurring EZ structural changes needed, will not suffice, but for the dominant European countries and their willing satellites.



Both decisions on depositors bailing-in banker risk-taking and Commission/ECB guided conditionality in replacing the lender of last resort with bilateral loans and no sense of democratic accountability on where EZ wants to go, are unacceptable and will not stand, unless EZ wants to become a small closed club. Then, the relevance of all such regulating structures is irrelevant.



What is desperately needed is the missing political arm of a common currency block. The proposed, are not pointless, but may only be seen as trying to sweeten an increasingly bitter pill. It is not time for sweeteners and distractions.