The comments - from one of the foremost western economists of the last decade - pour cold water on grandiose visions for an “EU superstate” being hailed as the next step towards integration in the currency bloc.
Following this summer's turmoil in Greece, leaders from France's Francois Hollande, the European Commission's Jean-Claude Juncker, and European Central Bank chief Mario Draghi, have spearheaded the drive to create new supra-national institutions such as a eurozone treasury and parliament.
The plans are seen as essential in finally "completing" economic and monetary union 15 years after its inception.