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This article advocates a comprehensive approach to the current crisis in the   Euro Area - and, namely, the joint consideration of the economic and   political issues at stake. The European integration - whose greatest   development is, to present time, the Monetary Union - is a political project:   a matter of will and action. Surely, this political project has a strong and   specific economic component. Still, it is political. Therefore, political   variables are critical. They must be included in any analysis of the   financial and economic circumstances, and they must be considered in any   strategy to overcome the current roadblock. The Euro Area has to cope, not   only with excessive indebtedness, fiscal unbalances and financial markets,   but also with the democratic restrictions to austerity and economic   recession, and with the democratic requirement to respect social rights, to   look for public support and to engage in political dialogue and compromise.   In liberal democracies, as ours, the employment, social protection,   citizenship and the right to believe and hope are full goals for the public   policies, including the economic and fiscal ones

The repositioning of the euro area in the world system: Political and economic dimensions