# In an op-ed, Professor Thomas Philippon examines the financial crisis in the eurozone and shares recommendations for reform

1 Faculty News August 31, 2015 ![VoxEU logo ](/sites/default/files/styles/246w/public/assets/images/con_030499.jpg?itok=Qjpc4sQk)>

Excerpt from [Vox](http://www.voxeu.org/article/state-monetary-union) -- "The interesting question is: What does it take to have a stable currency area? In my view, the traditional approach missed the most important piece –the banking union. Forget labour mobility, a common language, or even a federal budget.(1) A banking union is the one piece of financial architecture that should have been built before the crisis."

[Read more](http://www.voxeu.org/article/state-monetary-union)