|Author (Person)||Münchau, Wolfgang|
|Series Title||Financial Times|
Commentary feature. The author writes: The bungling of a not-so-secret gathering of finance ministers in Luxembourg the 7 May 2011 provides an object lesson in how the politics of eurozone crisis resolution are going wrong.
Europe's political elites are afraid to tell a truth that economic historians have known forever: that a monetary union without a political union is simply not viable. This is not a debt crisis. This is a political crisis. The eurozone will soon face the choice between an unimaginable step forward to political union or an equally unimaginable step back. We know Mr Schäuble has contemplated, and rejected, the latter. We also know that he prefers the former. It is time to say so.
|Subject Categories||Economic and Financial Affairs|
|Countries / Regions||Europe, Greece, Portugal|