This paper argues that the crisis was an outcome of EMU: setting a common monetary policy for countries with different initial inflation rates. The crisis countries were those with high inflation rates which then had negative real interest rates and consequently over-borrowed. Current policy discussions focus on crisis measures - fiscal, banking and political union - and not avoiding another crisis. This paper suggests two ways to avoid a future crisis: offset an inappropriate monetary policy using fiscal policy; markets could better price loan rates by taking into account default risk. The paper shows that neither was done prior to the crisis.
Polito, V., & Wickens, M. (2014). How the euro crisis evolved and how to avoid another: EMU, fiscal policy and credit ratings. Journal of Macroeconomics, 39(Part B), 364-374. https://doi.org/10.1016/j.jmacro.2013.09.004