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Barry Eichengreen: Europe on the Verge of a Political Breakdown

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Jean-Claude Trichet, the president of the European Central Bank, has called for stricter budgetary rules. Mario Draghi, head of the Bank of Italy and Trichet’s anointed successor at the ECB, has called for binding limits not on just budgets but also on a host of other national economic policies. Guy Verhofstadt, leader of the Alliance of Liberals and Democrats for Europe in the European Parliament, is only one in a growing chorus of voices calling for the creation of Eurobonds. Germany’s finance minister, Wolfgang Schäuble, has suggested that Europe needs to move to full fiscal union.


Europe doesn’t have months, much less years, to resolve its crisis. At this point, it has only days to avert the worst.


http://www.project-syndicate.org/commentary/eichengreen34/English

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