The Eurozone is not the same thing as the single market, which is the foundation of the EU trade bloc. It would probably even be good for Europe for the Eurozone to be dismantled as it would allow currency devaluations to restore competitiveness to failing economies in Europe’s periphery. The European trade bloc would certainly survive, and it is likely that the weaker economies would be in a much better position in the long-term because their products would be cheaper while still being a part of the single market (22). Further political union, on the other hand, would involve huge financial risks by eliminating any form of national flexibility to deal with economic problems. (23)  (22) See “This House Would Abolish the Single European Currency”, Debatabase.   (23) Issing, Otmar. “The case for political union isn’t convincing”, Europe’s World. 1 June 2013.