Europe has reached an “assumption” moment. The economic woes of southern “Club Med” countries have illustrated the untenable tensions of linking nations of vast economic disparities in a currency zone without a central fiscal authority or unified budget to address imbalances.
When the euro entered circulation in 2002, the notion was that the shared currency would propel the European Union toward greater political alignment. It hasn’t happened. On the contrary, resentments have grown, performances diverged. Germany is not keen to throw good money after bad to save debt-ridden Greece.
More than two centuries ago, the newborn United States faced a similar crisis of integration…
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