Photo: Wikimedia Commons
In the FT, George Soros and 95 other people (including a bunch of government folks, but also some finance people like UBS’ George Magnus), have sent an open letter to Europe demanding fiscal integration for the salvation of the union.Here’s the key paragraph:
We, concerned Europeans, call upon the governments of the eurozone to agree in principle on the need for a legally binding agreement that would: 1) establish a common treasury that can raise funds for the eurozone as a whole and ensure that member states adhere to fiscal discipline; 2) reinforce common supervision, regulation and deposit insurance within the eurozone; and 3) develop a strategy that will produce both economic convergence and growth because the debt problem cannot be solved without growth.
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