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Response to Demeter (Reply #8)

Tue Apr 24, 2012, 09:23 PM

11. How to construct a 'fiscal club' for the eurozone

 


Monetary unions are successful mostly when they are also fiscal and, dare I say it, political unions too. Think, for example, of the UK – even if the Scottish Nationalists would prefer a rather different arrangement – or the US. The eurozone doesn’t yet share these credentials. On the evidence of the now-defunct Latin and Scandinavian monetary unions – and, for that matter, the rouble area following the collapse of the Soviet Union – this threatens to be a fatal flaw. This is no longer an issue for the periphery alone: with France and the Netherlands both now under strain, some investors are beginning to wonder whether the eurozone is rotten to the core, writes Stephen King


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http://link.ft.com/r/6NPSBB/U1KLXL/JQU4J/YB7XRO/L9ARVS/N9/t?a1=2012&a2=4&a3=24

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