Some of the most prominent academics (Phelps, Stiglitz,Piketty, etc) sustain that the Euro is the main reason of this never end fall down. It´s true that in all integration process the smaller or weaker countries suffer the worst consequences, individually considered. If we add serious failures in institutional terms , fiscal policy and general biased political decisions, we have as a result the ineffectiveness of the system. Facts that by itself not necessary represent the fall of a system but in a combination it leads to in-depth crisis. Is in this context that the Euro plays a key role of influence. Why? Because it unifies and helps to integrate each national financial system and be more resilient to shocks, however current system has not unify financial institutions and what is more important: fiscal systems. Having as a direct consequence the burden that each country member apply there own bespoke economic measures independently from the rest.
A Eurozone fiscal structure is fundamental to harmonise fiscal and economic measures, either by new EU rules that allow countries to adopt their own measures and adapted to their own reality or by the creation of a solid fiscal structure that unify all. If not we´ll be exposure to new economic catastrophes without having yet experimented a sustainable recovery.