Reuters reports that senior European policy makers 'theoretically' discussed the possibility of splitting the European union to two circles:
Will it do such nations any good ? Inflation is never a nice thing, but as long as it is not hyper-inflation, it sure beats sovereign default...
One thing is clear, though: Once again, the dream of economic unity has crashed on the shores of real-politics. When the next round for union-ideals rises, it had better be a union which includes all sides of government responsibility and governability: monetary control, budgetary control and regulatory control, all have to lie in the same guiding central hand.
- an inner, tightly integreated, Euro-zone;
- an outer circle, loosely connected.
Will it do such nations any good ? Inflation is never a nice thing, but as long as it is not hyper-inflation, it sure beats sovereign default...
One thing is clear, though: Once again, the dream of economic unity has crashed on the shores of real-politics. When the next round for union-ideals rises, it had better be a union which includes all sides of government responsibility and governability: monetary control, budgetary control and regulatory control, all have to lie in the same guiding central hand.
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