An Unhealthy Prognosis

Economist Yanis Varoufakis, a former Greek finance minister, describes for Project Syndicate the dilemma facing the European Union and, more particularly, the euro zone. He concludes:

Nothing short of macroeconomically significant institutional reforms will stabilize Europe. And only a pan-European democratic alliance of citizens can generate the groundswell needed for such reforms to take root.

Varoufakis fails to add that no such alliance is anywhere on the horizon, quite the opposite seems apparent. Boisterous nationalism is on an upward trajectory.