Bulletin n. 3/2011 | ||
February 2012 | ||
Hugo Dixon |
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Can Europe’s Divided House Stand? Separating Fiscal and Monetary Union | ||
in Foreign Affairs , Volume 90, Number 6 , 2011 | ||
Most pundits argue the eurozone has only two options: break up or create a fiscal union to match its monetary one. In fact, there's a third, and better, path: adopt tighter market discipline, bailing out illiquid countries while letting truly insolvent ones go bust. The result would be a collection of fitter economies and a Europe strong enough to play a big role on the world stage. | ||