Europe

The euro area reform deal is a disappointing compromise

The euro area reform deal is a disappointing compromise. It does not advance Europe; rather, this deal reveals that apparently, another serious crisis must occur before governments will abandon their national egotisms. The lowest common denominator in the negotiations was so low that little is likely to change. The compromise regarding the banking union is so vague I doubt it will be realistic to implement it soon. Agreements on the capital market union and to advance integration in the internal … [continue reading]

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