• The euro is basically unbreakable as the cost of leaving has increased. The amount of discipline necessary to keep the euro together is unprecedented.
• And countries have shown willingness to undergo that discipline, and others to function as the disciplinarian.
• This means that economically, the euro is a lot stronger than many probably think.
• However, this comes at a price; politically it’s a lot weaker. In the next downturn when countries are once again called upon for that economic discipline, something is likely to give.

The Hard Euro Is An Assault On Democracy | Seeking Alpha