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All international organisations require their members to give up some sovereignty in exchange for the benefits of joining the group. But in earlier times, this choice did not entail anything close to the kinds of sacrifices that are required today. Legislatures within the EU, and especially within the eurozone, are now obliged to cede discretionary power to unelected central bankers, judges, bureaucrats and industry regulators. One does not have to be a supporter of Syriza to see how this allows established political parties in difficult times to be turned into stooges of shadowy special interests.
So what is at stake in the eurozone crisis goes beyond the consequences of a Greek exit and beyond even the future of the EU itself. The crisis has thrown into question the very idea that the world can be governed.
Mark Mazower, no FT
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