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The European Project Needs a New Long-Term Vision

Jean Tirole, (2017), “The European Project Needs a New Long-Term Vision”, Bloomberg View, 30 Οκτωβρίου

The euro area has two main options: the current strategy of improving the Maastricht Treaty, designed to ensure the fiscal discipline required for many states to share a currency; or a more ambitious move toward federalism, which would require greater risk sharing among member states. Neither is compatible with the desire for more sovereignty. This is the heart of the problem.

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