How did the euro area survive the crisis?

Six recent books differ in their explanations as to how the euro area survived the crisis. In this review it is concluded that strong supranational institutions rather than German or Franco-German leadership, shared identity or the popular legitimacy of central institutions have been the crucial condition. Popular support for the euro has remained relatively high in many member states. While the crisis led to some expansion of the intergovernmental method, survival of the euro area required a great expansion in the powers of supranational institutions.