But is that the end of the common currency? I don’t believe so. The European parliament must create a legal pathway for members to leave and that will be that. That legal mechanism does not exist today.
At the same time, stricter central controls of integration must become a requirement for membership. Either waive some sovereignty or leave the union.
The question is: Do Europeans have the political will? They could be not as lacking as Washington but not too far behind in blandness.