When democratic and fiscal deficits combine

Europe is rapidly approaching one of the most critical decisions in its post- war history: it can either offer an unlimited amount of cash to failed states such as Greece thereby unleashing high inflation, or it can start ejecting some countries from the euro, and risk the collapse of the continent’s single currency.

In both cases, the amount of social and political dislocation which Europe will experience is bound to be unprecedented; quite literally, the continent will be reinvented, almost regardless of which one of the two main options is ultimately adopted.

• Primary Source

ESO: Background information: Find other Commentary Features in ESO on Challenges facing EMU http://www.europeansources.info/advSearchLink?keyword=commentary%20feature%20emu%20challenges%20&searchOption=all

Internazionale, 4.7.12: Five ways to change Europe (via PressEurop) http://www.presseurop.eu/en/content/article/2288931-five-ways-change-europe

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