How a mini fiscal union could end instability

Commentary feature. Writer asks: How do you square this one? Most economic historians and international economists I know believe a monetary union would fail unless it develops into a fiscal union. Yet, almost all political and legal experts who specialise in the European Union believe a fiscal union is Utopian. If both are right, a fiscal union is simultaneously necessary and impossible. And that would mean – again if both are right – that the euro is doomed to fail.

ESO: Background information: Merkel and Sarkozy call for deeper union http://www.europeansources.info/record/merkel-and-sarkozy-call-for-deeper-union/

ESO: Background information: Is there the will to save the eurozone? http://www.europeansources.info/record/is-there-the-will-to-save-the-eurozone/

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