Europe’s Two-Speed Future
Europe’s leaders have made some progress on institutional reform, but the measures taken so far will not lead to genuine economic union. Given that treaty change is politically unfeasible, establishing a “two-speed Europe” is the EU’s best option for achieving the cooperation needed to escape the crisis intact.
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PARIS – For three years, the euro crisis has threatened not only to unravel the eurozone, but to bring down the entire European Union with it. Although the pressure from financial markets has moderated, for now, a long-term resolution to the crisis remains an existential priority for the EU.