Disintegration or integration, both painful for eurozone: experts (3)

"Labor mobility is obviously not mitigating the disparities between different regions" in Europe, he said, noting it was easier for an American to move from one U.S. state to another for a job than for a European to move from one eurozone country to another, as different languages and labor and social security laws post impediments.

A lack of common institution in the euro area was a more important cause of the euro crisis. "You cannot have this currency union without having an institution which is over the governments," Hoefert said. ' To solve the euro crisis, policy makers should create "a fiscal union, a banking union and a level playing field in terms of competitiveness," but this would be a daunting task, he said.

Looking forward, Hoefert said he was pretty convinced there would still be a euro in 10 years, but it would be different.

"Probably some countries will have left the euro (zone) ... and those countries which remain in the euro will be much, much more integrated," including the fiscal integration, the banking union and the competitiveness integration," he said.