Greece’s continuing crisis in its relations with the European Union is clear proof, if any were needed, that there has been something fundamentally wrong with the architecture of the common currency ever since the euro was adopted in 1999. It was assumed that monetary union, which now applies to 19 of the EU’s 28 members, could work smoothly without the need for political union. Instead of moral and political choices being made by politicians in the best interests of their electorates, market forces would automatically find the right balance. Without political union though within the Eurozone, Greece remains a sovereign nation which elects its own government. The current one elected in January stood on an anti–austerity ticket, claiming not just that EU–imposed aus