Here a very good argument by Martin Wolf , in the Financial Times on January 14, 2014 _Failing elites threatean our future_:
"Third , in creating the euro, the europeans took their project beyond the practical into something far more important to people:the fate of their money.Nothing was more likely than frictions among Europeans over how their money was being managed or mismanaged.The probably inevitable financial crisis has now spawned a host of unresolved difficulties.The economic diffficulties of crisis-hit economies are evident:huge recessions, extraordinarly high unemployement, mass emigration and heavy debt overhangs.This is all well known.Yet is the constitutional disorder of the eurozone that is least emphasised.Within the eurozone, power is now concentrated in the hands of the governments of the creditor coutries, pricipally Germany , and a trio of unelected bureaucracies -the European Commission, the European Central bank and the International Monetary Fund.The peoples of adversely affected countries have no influence upon them.The politicians who are accountable to them are powerless.The divorce between accountability and power strikes at the hearth of any notion of democratic governance.The eurozone crisis is not just economic.Its is constitutional".
