Guido Tabellini, 15 July 2011
The Eurozone crisis is tearing Europe apart. This column argues that Eurozone leaders must (i) agree to create European level institutions to monitor national budget and banking policies, and (ii) draw a line between solvent and insolvent Eurozone nations before the markets do it for them. It adds that we are now discovering that a loss of sovereignty became inevitable the day we decided to create the single currency.
Full Article: The Eurozone crisis: What needs to be done
The Eurozone crisis is tearing Europe apart. This column argues that Eurozone leaders must (i) agree to create European level institutions to monitor national budget and banking policies, and (ii) draw a line between solvent and insolvent Eurozone nations before the markets do it for them. It adds that we are now discovering that a loss of sovereignty became inevitable the day we decided to create the single currency.
Full Article: The Eurozone crisis: What needs to be done