George Soros has an interesting article in the Financial Times where he says that a fully fledged currency requires both a central bank and a Treasury, and that the eurozone in its current form is patently flawed. He advises on more intrusive monitoring and institutional arrangements for conditional assistance.
Daniel Gros and Thomas Meyer go one step further and propose the setting up of a European Monetary Fund, which will be responsible, among other things, to manage the insolvency of euro area countries in an orderly way.
However, Desmond Lachman says that sovereign borrowing is now done preponderantly in the securitization market rather than in the form of bank loans. His remarks seem a bit ideological, though.
On a more tactical level, Marshall Auerback and L. Randall Wray advise Greece to declare war on Goldman Sachs and other global financial firms that created this mess.
UPDATE: Gideon Rachman has quite a strong position, saying that the Greek crisis threatens not just the euro but the entire edifice of the European Union. He’s also in favor of a political union that includes common European taxes and a mechanism for big fiscal transfers between EU states. He also acknowledges that the kind of political integration required by the euro affects ordinary citizens at a very basic level. He believes that political inaction could cause a crisis of confidence in the European Union and the likely result would be that other powers it has acquired, on everything from immigration to social policy, would come into question.