The E Not U

The economic problems of the EU posed by Greece and the other PIIGS - Portugal, Ireland, Italy, and Spain - exist because the continent is not truly united. In an article for STRATFOR, author Marko Papic reaches some solid conclusions:

If the solution to the eurozone crisis is greater integration, then the interests of the integrating states have to be closely aligned on more than just economic matters. (snip) Control over budgets goes to the very heart of sovereignty, and European nations will not give up that control unless they know their security and political interests will be taken seriously by their neighbors.

Papic sees a strong possibility of the EU degenerating into several regional blocs with relatively aligned security interests: a Nordic regional bloc, a Germanic sphere of influence, a Central European group he calls "Visegrad plus," and Mediterranean Europe, which France may join, and indeed lead. This is insightful speculation about the fate of Europe.