How to Save the Euro
The euro zone was created on two assumptions: member countries would adhere to strict deficit and debt limits, and those who violated the limits would not be bailed out. Now that the Greek crisis has proved both assumptions invalid, the only hope for imposing market discipline throughout the euro zone is the creation of a European Monetary Fund.
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BRUSSELS – The European Union is facing a constitutional moment. The founders of Economic and Monetary Union (EMU) warned even before the euro’s birth that fiscal profligacy would constitute a danger to the common currency’s stability. Nevertheless, the euro-zone’s member countries insisted on maintaining their full sovereignty in this area.