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The eurozone will muddle through (again) | The A-List

At the last European Council summit of 2012, politicians decided to go ahead with the banking union while ending their reflections on fiscal union they had initiated in June, a time of acute market stress. The message: banking union is needed; the rest is not.

This behaviour confirms that the eurozone has little appetite to think about its own future. Like negligent or impecunious homeowners who only contemplate repairs when the roof threatens to collapse, their overriding motivation is to avoid imminent disaster. As market expectations of break-up have abated, even a discussion on whether integration initiatives would make the currency area more resilient or more efficient seems superfluous.



The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
by dvx (dvx.clt št gmail dotcom) on Wed Jan 2nd, 2013 at 02:11:22 PM EST
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