The euro is widely believed to be a currency without a sovereign state. To make the euro a stable currency, many … this paper that the EU and the euro area member states are the joint sovereign behind the euro. The EU is not a state, but … has evolved into a democratic polity of states and citizens, in which the sovereignty is shared and pooled. Consequently …

the Euro area monetary and fiscal systems by focusing markets and public attention on the core cause of the overall Euro … crisis, the insolvency of the Euro area member-states model of debt financing of public and private expenditure and … investment. Hence, any repair of the system will require addressing the twin malaises of the Euro area model of economic …