Perhaps that was the euro’s original sin—the reality that fiscal and budgetary rules could be broken without consequence. Or perhaps the sin was more fundamental than that: perhaps it was the attempt to create a currency union among countries with different economies, histories, cultures, tax rates, fiscal systems, legal frameworks—and doing so with a European Central Bank to oversee the currency but with no controlling political institution in parallel with that bank. Or perhaps it was a simpler, democratic deficit: the fact that for voters unhappy with pan-European policy there was no direct mechanism to commit the most basic political act of all—throw the bums out. Voters could manage this at the level of their local governments, but the management of the euro was always an uncomfortable compromise between varying, and often competing, national interests.
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