Monetary Union Without Political Union

Contagion could fracture the eurozone: "In the long term, monetary unions do not survive without political union, and so the fifth conclusion is that there are pressures both for closer integration and for disintegration. The crisis could strengthen those who argue that the halfway house is inherently unstable and will remain so until there is fiscal as well as monetary union. On the other hand, the growing threat of recession may make some countries question the value of remaining in a monetary union."