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Europe’s Gradualist Fallacy

Europe is at the mercy of a common currency that not only was unnecessary for European integration, but that is actually undermining the EU itself. So what should be done about a currency without a state to back it – or about the 19 European states without a currency that they control?


ATHENS – Europe is at the mercy of a common currency that not only was unnecessary for European integration, but that is actually undermining the European Union itself. So what should be done about a currency without a state to back it – or about the 19 European states without a currency that they control?

The logical answer is either to dismantle the euro or to provide it with the federal state it needs. The problem is that the first solution would be hugely costly, while the second is not feasible in a political climate favoring the re-nationalization of sovereignty.

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