When the era of wishful thinking ends, Europe will face a stark choice. It can have a monetary union without sovereign defaults. That option means fiscal union, accepting real German control of Greek and Italian (and maybe French) budgets. Nobody wants that, with good reason.
Or Europe can have a monetary union without fiscal union. That would work well, but it needs to be based on two central ideas: Sovereigns must be able to default just like companies, and banks, including the central bank, must treat sovereign debt just like company debt.
The final option is a breakup, probably after a crisis and inflation.
The euro, like the meter, is a great idea. Throwing it away would be a real and needless tragedy.
Tri možnosti torej. Druga ne zahteva nobenih posegov v nobeno pogodbo. Nobenih zgodovinskih evropskih svetov. Nobenih vlakov. In ne ustvarja Združenih držav Evrope.