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In this article we analyze the process of monetary integration in Europe, identifying the structural determinants and the dysfunctional elements in the institutions of the European Union. Secondly, we explain two prevailing discourses that fail in interpreting the events: on the one hand, a purely ideological position that see integration as a process of convergence that should not be interfered with; on the other hand, a purely idealist perspective, according to which the ideal of integration will prevail over any contradiction engendered by the institutional system. The combination of these two perspectives helped justify post crisis interventions (fiscal consolidation) and the institutional design that followed, which eventually aggravated the macroeconomic instability in the area. ; Este artículo analiza la integración monetaria europea, los determinantes estructurales y los elementos disfuncionales de las instituciones de la Unión. Además, revisa dos lecturas que fallan al interpretar los acontecimientos: una interpretación ideológica que ve en la integración un proceso de convergencia que no se debe interferir, y una visión idealista que sostiene que la integración debe prevalecer sobre toda contradicción generada a nivel institucional. Su combinación sirvió para justificar las intervenciones poscrisis (la austeridad) y la construcción institucional posterior, que agravaron la inestabilidad macroeconómica en Europa.

The Euro crisis is mainly a consequence of the international financial crisis of 2008. Thereby, the term Euro crisis is misleading as there is no currency crisis. First, the article shows some of the birth defects of the Euro. Second, it shows that the increase in public debt was caused by rescue measures for banks and anti-cyclical fiscal policy. Third, we argue that the Euro crisis is not just one crisis (a sovereign debt crisis) but it is a combination of several macroeconomic crises including a growth crisis, a labour market crisis, a public debt crisis, and a current account crisis.

Transcrisis aims to develop a solid understanding of the role of leaders in managing transboundary crises and the requirements for ensuring an effective and legitimate crisis response. One of the seven crisis-management tasks that leaders need to perform is meaning-making. Meaning-making refers to the necessity to formulate a key message that offers an explanation of the threat, actionable advice, and a sense that leaders are in control of the situation (Boin, Cadar & Donnelley, 2016). Adequate meaning making is key to dealing with a crisis in an effective and legitimate fashion. This is especially important during transboundary crises as cultural, national, legal boundaries make shared meaning making more difficult and less routine. The aim of meaning-making is twofold: first, to ensure that leaders 'get a firm grasp on what is going on', second for leaders to develop a clear idea of 'what might happen next' (Boin et al, 2005: 140). Sense making is a crucial task in any crisis situation because it helps central decision-makers clarify their underlying assumptions on how the world works, and contemplate the value of different solutions before decisions are actually made. In case of transnational crises, meaning making should in part also occur across boundaries so a mutual understanding of the situation amongst different stakeholders may develop, or differences in view are revealed. Although meaning making is often portrayed as one of the earlier phases in crisis management, in reiterated decision-making games associated with prolonged crisis situations, it should be a continuous process. Meaning making is a difficult task and even more complex in case of highly complex, transboundary crises like the Euro crisis. The threat, complexity and calls for urgent and decisive action that accompany such crises may tempt leaders to skip crucial parts of the meaning making effort and quickly jump to discussing possible solutions (Van Esch and Swinkels, 2016). Adding to these difficulties is the fact that leaders ...