Getting the Euro Back on Track

Getting the Euro Back on Track

These major elements of greater economic integration must be brought together into a coherent design if the euro is to retain credibility. German leaders are now convinced that it is fundamentally in their interest and are willing to open the debate, even if, as appears likely, this results in some form of transfer union. While that would fall well short of what is done in large national federal states, it may validly be compared with them. The obverse is that the economic disciplines built in will certainly reflect German concerns.

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