Muito bom. Tem de se ler o artigo todo para perceber as diferenças com os EUA.O bold é meu.
Dani Rodrik's weblog: Why is the bankruptcy of the Greek government different from the bankruptcy of California?
Consequently, a crisis within the Eurozone is more costly both in economic and political terms. We get ad hoc arrangements to extend credit (rather than automaticity), protracted financial crises and deeper economic recession, and mutual resentment on both sides. Greeks complain about “German selfishness” while Germans resent the creeping “transfer union.” Ultimately, the survival of the Eurozone itself is threatened.
In short, the euro’s institutional incompleteness has left the Eurozone badly exposed to the crisis. Euro-skeptics say “we told you so.” Others, like me, will argue that it was the EU’s misfortune to have been caught halfway in its institutional integration process by a financial crisis that was not its own doing.
But that is all water under the bridge now. The main lesson from the debacle is that economic union requires political union. The EU needs either more political union if it wants to keep its single market, or less economic union if it is unable to achieve political integration.
At this stage, the former path looks by far the less likely. If it has to come to it, the more orderly and premeditated the coming break-up of the Eurozone, the better it will be.