In his new book, Michel Aglietta explains how Europe reached a critical point and suggests solutions to the challenges met by the eurozone.

The European Union has always relied first and foremost on a gradual economic integration process. The current euro-zone crisis casts serious doubts on the benefits of such integration. Assessing its economic benefits is therefore central to measuring the overall benefits the European Union (EU) provides to its citizens.

With the survival of the euro area at stake, and the reform of the international monetary system no longer a priority of the G20 presidency, it may seem strange to call for an increased international role of the euro.

Europe’s banking system has been in a continuous stage of systemic fragility since the beginning of the financial crisis in 2007-08. The present phase is a two-way process of sovereign and banking crises feeding one another.