, Columnist
The European Project Needs a New Long-Term Vision
For the union to work, people must be willing to share risks and cede more sovereignty.
Where's the unity?
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Back in the 1950s, the European Union's founders had a long-term vision for managing the potentially dangerous period following World War II. Today, we once again need a long-term vision.
The euro area has two main options: the current strategy of improving the Maastricht Treaty, designed to ensure the fiscal discipline required for many states to share a currency; or a more ambitious move toward federalism, which would require greater risk sharing among member states. Neither is compatible with the desire for more sovereignty. This is the heart of the problem.