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Europe’s leaders have adopted a series of measures aiming to strengthen the architecture of the Eurozone. Even if substantial progress has been made to reduce the risk of renewed tensions in the future, the euro’s irreversibility is not yet guaranteed. The greatest risk in the near term is the weak recovery and high unemployment that threatens the social cohesiveness and political stability in Southern European countries. Eurozone leaders should counter this threat by giving priority to a return to economic growth. They should also recognize that Economic and Monetary Union (EMU) will remain an unfinished project as long as it is not embedded in a political union.