I always read Martin Wolf, but this is a must-read. I suggest reading it at least twice. He lays out well the problems in Europe and the corruption involved. "Events have, in short, thoroughly falsified the premises of the original design [of the Eurozone]. If that is the design the dominant members still want, they must remove some of the existing members. Managing that process is, however, nigh on impossible. If, however, they want the eurozone to work as it is, at least three changes are inescapable. First, banking systems cannot be allowed to remain national. Banks must be backed by a common treasury or by the treasury of unimpeachably solvent member states. Second, cross-border crisis finance must be shifted from the ESCB to a sufficiently large public fund. Third, if the perils of sovereign defaults are to be avoided, as the ECB insists, finance of weak countries must be taken out of the market for years, perhaps even a decade. Such finance must be offered on manageable conditions in terms of the cost but stiff requirements in terms of the reforms. Whether the resulting system should be called a 'transfer union' is uncertain: that depends on whether borrowers pay everything back (which I doubt). But it would surely be a 'support union'."