Financial Times (September 19)
2011/ 09/ 20 by jd in Global News
“There are no examples of lasting currency unions that are not ultimately backed by a political union.” The EU papered over this and other shortcomings in hopes that the economic benefits of monetary integration would lead to popular support. Instead national identities remain “much stronger than any common European loyalty.” This hinders leaders from extending decisive support to solve the eurozone’s problems, making clear “the limits to European solidarity.”
Tags: Currency, EU, euro, Loyalty, Solidarity
