The Euro Area Is Due for a Reboot. Here's What Is Proposed
With Britain heading out of the European Union, Greece back on the brink and discontent fuelling the rise of populist politicians, Bloomberg QuickTake asks can the world’s most ambitious financial experiment survive? (Video by Angus Bennett) (Source: Bloomberg)
When France elected Emmanuel Macron in May, the prospects of mending the euro’s inherent flaws suddenly brightened. Adopted in 1999, the common European currency was intended as a political project to foster unity, but the crisis in Greece a decade later exposed the euro’s inability to enforce shared rules, principally on government debt and spending.
The French president is pushing for greater fiscal integration among the 19 nations that now use the euro as a way to address at least some of those shortcomings. With Germany indicating an openness to Macron’s calls, the political stars may be aligning to overhaul the euro, and so reboot the European Union.