Let me briefly explain the reasons for this institutional fragility. 3. The institutional weakness of the euro  From its very conception, like all the big steps in the history of European integration, the euro has been an ambitious and unique project. It combined a centralised monetary policy with decentralised but coordinated economic policies.
Paraphrasing Tommaso Padoa-Schioppa, we decided to give ourselves a currency that doesn’t belong to any single nation-state. The advent of the euro was only an episode – surely the most significant in history – of the construction of a post-Westphalian order of shared sovereignties.