An interesting look at the Greek financial crisis as part of a larger systemic problem in the management of the EU eurozone, one that will not get fixed even if a solution to the Greek situation is found.
“What is clear is that the underlying problems of European monetary union – macroeconomic divergences and lack of fiscal policy coordination among a group of countries bound by a single currency and a single monetary policy – have not gone away. Unless these problems are addressed, even a Grexit is unlikely to provide more than a temporary respite for the Eurozone. Without reforms that bring the Eurozone toward closer fiscal integration, restore the severely compromised independence of the European Central Bank, and eliminate the massive debt overhang plaguing the Eurozone’s southern periphery countries, the future of the single currency may be bleak and brief……
Why is this the case? The current episode has highlighted and magnified three potentially fatal weaknesses of the Eurozone, none of which bodes well for the long-term sustainability of the monetary union.”
IR Theory & Practice 