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nearly two decades, the EU’s common currency system has worked wonders for
internal trade. The euro has strengthened Europe’s financial position in the
world. However, many government and EU leaders, and the European Central Bank have colluded in circumventing the system’s key safeguards. Today, the
unmanageable levels of sovereign debt threaten to tear up the eurozone and
trigger state bankruptcies.
Prince Michael of Liechtenstein
It is commonly argued that at its heart, the European Union’s Economic and Monetary Union is a political project. Many therefore claim that its difficulties stem from a lack of political union, since EU officials have offered no coherent view on how to achieve one. Paris and Berlin both have ideas, but they ignore the fact that giving greater powers to Brussels is ...
Dr. Michael Wohlgemuth
Observers and politicians agree on only one thing about the European Union – that it will have to look different in five or ten years. Uncertainty about the future governance structure of the EU has never been so great. Radical scenarios of a ‘United States of Europe’ or of a return to a ‘European customs union’ both seem unlikely. However, there are many options o...