The eurozone crisis may need to get worse before it can be solved

The eurozone is facing a complex competitiveness, fiscal, banking and political crisis. Miguel Otero-Iglesias writes that the fundamental problem is that the countries of the eurozone are unwilling to hand over sovereignty to an EU centre. He argues that the significant political obstacles to reform may mean that the crisis will have to get worse in Spain, Italy, and even Germany before European leaders will take the bold steps needed to ensure the survival of the euro.