Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
A fiscal union is not forthcoming, nor are capital controls, nor is a monetary de-union ...

... of the things that are not forthcoming which could allow the broken-by-design system to no longer be broken by design, which of them is CLOSEST to being in reach.

A confederal fiscal union would set a monetary-union-wide deficit and distribute the proceeds on a fixed formula, eg per capita, to the member countries.

Monetary de-union may happen by deepening crisis, as a consequence of never fixing the broken system ... but in terms of selected reforms, is it really more likely than a confederal fiscal union?

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Thu Jul 17th, 2014 at 05:27:43 PM EST
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