Monday 11 December 2017

Alan Ahearne: Euro leaders bicker as states fall like dominos

The Van Rompuy report provides a glimpse into the future of the euro. The report forms the basis for the latest EU leaders' summit by setting out a blueprint for a fully-fledged monetary union in Europe.

Few, if any, of the report's ambitious proposals will be introduced in the short-term -- and some may never be. But if the euro is to survive, then the report is a road-map showing where Europe must go.

One thing that the crisis has made clear is that the euro area is not a genuine monetary union. The United States is a proper monetary union, with 50 distinct states that successfully share a common currency. Canada's provinces make up another long-standing monetary union.

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