Jean Tirole, (2017), “The European Project Needs a New Long-Term Vision”, Bloomberg View, 30 October
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.
Relevant Posts
- Andre Sapir, Dirk Schoenmaker, (2017), «The Time is Right for a European Monetary Fund», Bruegel Policy Brief, Isuue 4, October
- Frieden, Jeffry, Walterm Stefanie, (2017), «Understanding the Political Economy of the Eurozone Crisis», Annual Review of Political Science, 20: 371-390, May