Europe Should Step Up By Standing Down

Ten years on, with the euro a resounding success, euro-zone policymakers should seize the initiative in the world’s key economic clubs. They should start by giving up their seats in the G-7 and the IMF, instead acting collectively in these forums while creating space for other important countries.

LONDON – Ten years on, the euro is a resounding success. A financial-market heavyweight, it now outperforms the dollar, the yen, and, until recently, the mighty Chinese yuan, while euro-denominated bond trading rivals the US market in size.

But Europe should be doing better. It should act with greater imagination to unleash more genuine economic freedom and competition, stop championing national enterprises, and start giving the European Central Bank more support. Euro-zone policymakers should also seize the initiative in the world’s key economic clubs.

In particular, members of Europe’s economic and monetary union should give up their seats in the G-7 and the International Monetary Fund. There may be some justification for each EMU state to be represented in the G-8, but not in the main economic organizations. If they volunteered to act collectively at these forums, Europe would free up much-needed space for other important countries at the top table of world economic discussions, which would foster greater respect for global policymakers.

To continue reading, please log in or enter your email address.

To access our archive, please log in or register now and read two articles from our archive every month for free. For unlimited access to our archive, as well as to the unrivaled analysis of PS On Point, subscribe now.


By proceeding, you agree to our Terms of Service and Privacy Policy, which describes the personal data we collect and how we use it.

Log in;

Cookies and Privacy

We use cookies to improve your experience on our website. To find out more, read our updated cookie policy and privacy policy.