A Tighter Union and Stability Bonds Could Save the Euro: View
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Nov. 29 (Bloomberg) -- It’s been two years since theEuropean Union’s grand experiment with integration startedcoming apart at the seams. One plan after another to knit thealliance back together has been tried, and failed. Now comesnews that euro-area leaders are considering a tighter fiscalunion and the issuance of jointly backed euro bonds.
It’s about time. Setting up a centralized fiscal authoritywould, in essence, give the euro area a do-over: It wouldclarify and strengthen the conditions a country must meet to winthe collective backing of all the others for its debts.