The Greek Conundrum
Otmar Issing, one of the fathers of the euro, correctly stated the principle on which the common currency was founded: it was meant to be a monetary union, not a political one. But that principle is patently flawed, because, as the Greek crisis has demonstrated, a fully-fledged currency requires both a central bank and a treasury.
https://prosyn.org/R9vHouS
The euro is a unique and unusual construction whose viability is now being tested. Otmar Issing, one of the fathers of the common currency, correctly stated the principle on which it was founded: the euro was meant to be a monetary union, but not a political one. The participating states established a common central bank, but they explicitly refused to surrender the right to tax their citizens to a common authority. This principle was enshrined in Article 125 of the Maastricht Treaty, which has since been rigorously interpreted by the German constitutional court.