How Europe Can Rescue Europe
German Chancellor Angela Merkel argues that it is against the rules to use the European Central Bank to solve eurozone countries’ fiscal problems – and she is right. The upcoming EU summit is missing an important agenda item: a European Fiscal Authority that, in partnership with the ECB, could do what the ECB cannot do on its own.
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LONDON – At their meeting in Rome last Thursday, the leaders of the eurozone’s four largest economies agreed on steps towards a banking union and a modest stimulus package to complement the European Union’s new “fiscal compact.” Those steps are not enough.