Greek case highlights slump in euro loyalty

AFP, 02.11.2011

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The Greek premier's bombshell referendum move highlights a slump in EU loyalty as domestic issues take precedence at a time the bloc stands at a crossroads of more integration, sclerosis, or worse. […]

Any lasting solution to the euro's troubles - and to the future of the EU as a whole - will require a major shift from the "muddling through" of the two years since the Greek debt crisis emerged, analysts say.

"The strengthening of European economic governance is a necessity," said Janis Emmanouilidis of the European Policy Centre.

The bloc needs "an economic and political union with a state-like quality able not only to solve the euro crisis but also to achieve the strategic objective of a global Europe." [...]

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