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shared by Gene Ellis on 18 Jul 12 - No Cached

Europe’s leaders now agree on a vision of what the EU should become: an economic and monetary union complemented by a banking union, a fiscal union, and a political union. The trouble starts as soon as the discussion moves on to how – and especially when – the last three should be established.
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The 1992 exchange-rate crisis then tipped the balance. Once Europe’s exchange-rate system blew up, the southerners’ argument that Europe could not afford to postpone creating the euro carried the day.
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The consequences have not been happy. Monetary union without banking, fiscal, and political union has been a disaster.CommentsView/Create comment on this paragraph
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But disaster does not wait.
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- Gene Ellis on 18 Jul 12
  
  'disaster does not wait' is a fairly ambiguous phrase. The euro zone has had a decade to work on institutions, with little result, and with proposals which had often made things worse.
  
  <div class="cArrow"> </div><div class="cContentInner">'disaster does not wait' is a fairly ambiguous phrase. The euro zone has had a decade to work on institutions, with little result, and with proposals which had often made things worse.</div>
  
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