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By Paul Taylor – The outcome of Friday’s 27-nation European Union summit may determine the course of the world’s largest trading bloc.
One road leads to a core group of euro zone states forging ahead with closer integration; another to a continuation of the current, multispeed Europe limping along at the pace of the slowest in the convoy; and a third toward a potential breakup of the currency and disintegration of the Union.
To the French, monetary union has always been a political project – to regain a share of sovereignty over their currency instead of being dominated by an over mighty Deutsche Mark; to anchor a reunited Germany to Europe after the fall of the Berlin Wall; and to strengthen Europe’s political power in the world.
To many Germans, the euro was and remains primarily about economics – to lock in exchange rate stability with Berlin’s main trading partners; to achieve economies of scale; to impose budget discipline on Europe; and to have an independent central bank run a currency “as strong as the mark”. more> http://tinyurl.com/d4kxhbf
related>
- What Can Save the Euro? Joseph E. Stiglitz, Project Syndicate
- Europe’s financial contagion, [INTERACTIVE] Washington Post
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