All Commentary
Friday, November 11, 2011

Europe Crisis Makes Pecking Order Clear: ‘Merkozy,’ Then The Rest

“This crisis is profoundly transforming European integration,” said Nicolas Veron, a senior fellow at Bruegel, a think tank in Brussels. As a result, the Eurozone will either break up or establish a new central body with executive powers, he said.

Veron and others say the root of the problem is that Europeans agreed to a common currency and economic zone without designing an overarching political system that could ensure everyone adopted the budget and spending policies needed to make it work.” (Los Angeles Times)

The crises and the calls for more centralization both fit squarely within longstanding trends within the EU.

FEE Timely Classic

The European Union and the Interventionist State” by Richard M. Ebeling