The 19-nation eurozone has been in a sustained crisis since the crash of 2008. The less competitive southern European states – Italy, Spain, and Greece – have experienced high unemployment and anemic economic growth. In sharp contrast, more competitive northern Eurozone nations such as Germany and the Netherlands have experienced solid growth since the Great Recession. EU-driven governmental austerity in the south has not done enough to improve those economies but has polarized their electorates.

As is too-often the case when the EU confronts a crisis, the only cure on offer is “more Europe.” France’s new president, Emmanuel Macron, has proposed the creation of a eurozone budget, overseen by a eurozone Finance Minister, who would then distribute the funds collected to the weakest member economies. This individual would have oversight over all 19 eurozone national budgets, determining the appropriate level of bailout to be accorded each nation. To finance the venture, he recommends that the European Central Bank (ECB) create, then sell, eurobonds. In the process, the office would create a new form of national dependence, replete with opportunities for “political” rather than economic decision-making. Having lost control of their currency, such nations would thereby lose control of...