Emmanuel Macron’s federation-lite plans for eurozone doomed to fail

French president’s idea is to move beyond idle optimism by gaining German consent to turn the eurozone into a state-like entity — a federation-lite, writes Yanis Varoufakis.

Europe is at the mercy of a common currency that not only was unnecessary for European integration, but that is actually undermining the EU itself.

So what should be done about a currency without a state to back it — or about the 19 European states without a currency that they control?