This is a study by two Brussels correspondents of how and why the EU was born, the near-collapse of the euro and how the EU needs to respond to the challenges ahead. The authors note that while the euro zone has survived the financial crisis, it has come at a heavy price.

They argue that among both Europhiles and Eurosceptics there is a growing belief that the euro has undermined, and may yet destroy, the union. Rather than bringing Europe closer together, the euro is causing tension. Germany has emerged yet again as the all-powerful force within Europe, the decline of France has accelerated and the ungovernability of Italy has been reaffirmed.

The book examines the fault lines at the heart of the European integration project and has a gloomy perspective about prospects for growth. The actions of EU leaders may have averted collapse in the short term but they have not found a lasting solution. Peet and La Guardia are sceptical about the ECB bond-buying policy,while centralised econ- omic governance involving tougher financial rules is seen as a short-term phenomenon.

They argue that the EU’s future will be determined by its ability to reform and address structural deficits. Monetary union should have been the culmination of political union, not a means to achieve it.