Debt Without Drowning
Given that dismantling the eurozone would trigger profound economic, social, and political upheaval throughout Europe, its leaders really have only one option: develop strategies aimed at bringing the eurozone closer to a fiscal union. They should begin with a debt-pooling scheme that satisfies three crucial requirements.
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LONDON – Since the 1970’s, economists have warned that a monetary union could not be sustained without a fiscal union. But the eurozone’s leaders have not heeded their advice – and the consequences are becoming increasingly apparent. Europe now faces a difficult choice: either fix this fundamental design flaw and move toward fiscal union, or abandon the common currency.