Political will holds the Euro together
On purely economic grounds, the Euro should have collapsed long ago and indeed, that is what many predicted.
But pure economics is only one factor that governs the Euro, politics plays a huge role as well. (This isn’t a strictly European phenomenon… see “Fiscal Cliff”).
Given the fact that the Euro and the entire EU experiment is more an initiative of politics than it is of economics, it stands to reason that as the Euro lurches from one crises to another, it is political will that holds it together.
Following the horrors of the 20th century, the desire for European social union remains stronger, if even subconsciously, than Euro financial disunion.
This notion seems to be sinking in with Euro bears like Nouriel Roubini
“If you’re willing to do that for the sake of keeping the euro zone together, whether it’s economic reasons or political or geo political or foreign policy then Greece has a chance.”
And under the “what doesn’t kill you makes you stronger” principle, if (or as) the Euro survives the present crisis, it will be more resilient to a future one