The crisis affecting the euro is less a currency crisis than a crisis of European policy. Renewing structures is difficult in an EU with 27 member states and a monetary union with 17 countries. But we must change course if both the euro and the union itself are to remain sustainable.

Europe now runs at “two speeds”. A core Europe that grows together more quickly politically, and a fringe Europe wishing greater autonomy. These two regions have very different visions. There are those who imagine Europe as a political union and those who think of Europe only as a single market, while the political process should remain largely national. Europe must decide between these two positions.

The gap has widened between countries that can and wish to integrate quickly and those that want to move more slowly, such as the UK. Countries in the eurozone will integrate more than the countries that are not part of this.