Only Growth Will Save Greece

Only Growth Will Save Greece

Let's be honest: if this eurozone did not exist, no one would now invent it. The key word in that sentence is "this". A smaller eurozone of more compatible, mainly north European economies – a nordozone or neurozone – could probably have weathered the post-2008 crisis of western capitalism, even with Maastricht's design flaws. Alternatively, a eurozone of the current size might eventually have followed from the creation of a political union, in institutions but also in hearts and minds, if and when that proved possible.

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