Europe is Edging Towards the Unthinkable
Wolfgang Münchau, Financial times | November 29, 2010
"It is easy to criticise eurozone governments, but how about some constructive advice?" ++ The EU chose not to establish a contingency plan for the Euro during the past decade of prosperity. ++ Now, the longer you wait the more radical the solution needs to be. ++ National debt should be separated from financial debt and a common European treasury bond should be created but there is no political will to do so. ++ As things stand, we are left with only two options, neither palatable: Fiscal union or break-up. ++
