The Greek crisis is an opportunity to reflect again on our idea of Europe. In our opinion the euro is an irreversible process. But it is absurd to weigh on the ECB, in fact the only European institution truly federal, the task to deal with the crisis with the only instrument of monetary policy.
From Thursday to Sunday we European Union citizens will be called to elect a new parliament. These elections are important, not only because for the first time will decide who will lead the European Commission. But mostly because the next 5 years represent a crucial point to understand whether the European Union will remain nothing more than a geographical expression (as Metternich called Italy in the Nineteenth century, before its Unification), or will be able to achieve a common economic and monetary policy, and with it a tax policy, a labor policy, etc. In one word: Policies.