That’s basically the gist of the latest Ambrose Evans-Pritchard column.
The Telegraph columnist notes that in 1940, there was serious talk of a UK/France merger, whereby the accounts of both countries would be combined, and the citizens of each would have citizenship in the other.
For the run on the Eurozone to stop, something equivalently radical might be needed. It might not be needed, of course. Perhaps there’s a simpler solution involving massive ECB-funded debt monetization, and an ECB-backstop for banks, though even those ideas are pretty out-there right now.
But the bottom line is that if it requires something enormous to save the eurozone from melting down, it’s not obvious at all that it can be done, at least not in any short time frame.
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