Michel Aglietta and Nicolas Leron’s recent article "The Eurozone: Looking for The Sovereign", argues that "the Eurozone has reached a critical point where its very existence is at stake", while "the Greek crisis and its never-ending drama highlight the dramatic incapacity of the Eurozone to deal with the destructive forces unleashed by the financial crisis".

According to the article, the asymmetric evolution of the economic structures among Member States is exacerbated by financial divergences, while the transfer of authority over monetary policy to the European Central Bank is degrading sovereign debt to the level of private debt. As a result, any Member State can default on its debt as if the Euro were a foreign currency. This is "currently the case for Greece, as it ultimately cannot guarantee the recovery of its debt". 

Europe needs its "economic policies to be coordinated at the supranational level, which requires the implementation of a European budgetary policy – paving the way for a federal European state".

At the same time, the European economy urgently needs a large stimulus package of loans and investment that Member States are not prepared to take on by themselves, given their European-ordained obligations to curb their budgets." There will not be a European people and, by extension, a bona fide European democracy, until the total volume of the European budget or, more specifically European public debt, surpasses the threshold that would transform the EU from a regulatory machine into a fully-fledged and legitimate democratic power" the authors conclude.