Mario Draghi on the path to fiscal union in the euro zone
It will require new rules and more pooled sovereignty, says the former head of the ECB
CAN A MONETARY union survive without a fiscal union? That question has stalked the euro zone since its creation. Designed explicitly to exclude fiscal transfers, the currency bloc was considered by many economists to be doomed even before it was launched. It survived an existential crisis in 2010-12 only with stopgap solutions, and it is no closer to answering this question today.
From the September 9th 2023 edition
Discover stories from this section and more in the list of contents
Explore the editionMore from By Invitation
Peter Sands of the Global Fund on the pandemic’s positive legacies
New vaccines got most of the attention but there’s a lot more to celebrate
Trumpism is becoming more pragmatic, argues Reihan Salam
But not all of the incoming president’s backers buy it
Time is not on Russia’s side, argues Finland’s foreign minister
Elina Valtonen calls for a lower oil-price cap and tougher measures against Russia’s shadow fleet
Oriana Skylar Mastro makes a case for paring America’s nukes
The political scientist explains why beefing up is bad China strategy
A new Iranian approach to regional security and prosperity, by M. Javad Zarif
Iran’s vice-president on how his country can make the region more secure and prosperous
The EU must be bolder and faster in enlarging, writes Nicu Popescu
A former foreign minister of Moldova on the means and the dividends of speedier accession