We need to fix the political dimension before we can finally solve the financial side of the sovereign and banking crisis. It is not sufficient to elevate the current Commissioner for Economic and Monetary Affairs to Finance Minister status. A full democratic setting - including an elected president of the European Commission - is necessary to complete political union.
Latter two pointers from Mark Thoma, who does not comment on the diametric opposition between the two op-eds.
For what it's worth, I am inclined to agree with Feldstein. For one thing, he is one economist who predicted that the euro would fail. In fact, if the U.S. financial crisis was a black eye for the economics profession because few economists predicted it, then the euro crisis should be...well, whatever is the opposite of a black eye...because many economists predicted it.
In fact, the black eye and the non-black eye may be related. You can tell a story that the creation of the euro resulted in a bloated European financial sector, which then funded the U.S. housing bubble. Remember this post?