THE European debt crisis of 2010, which still has many peripheral nations in its grip and has led to what appears to be a permanent state of fiscal austerity, has exposed to the world the highly flawed and dangerous architecture of the European Monetary Union and the anti-democratic nature of European Union institutions.

Still, the powers that be continue to defend ferociously a Frankenstein’s monster-like creation, a playground for financial vultures, while progressive voices and otherwise critical Europeanists call for the rebuilding of Europe as they fear that, without reforms, the European integration project faces potential collapse, which will lead in turn to the resurgence of old national rivalries across the continent and social chaos inside many national formations.

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