15.07.2013 - EU currency system is broken and needs fixing
There has been a remarkably weak policy response to the Eurozone crisis relative to non-euro countries equally affected by the financial crash. Others have responded more effectively, notably the United States where a sustainable recovery seems finally to have commenced. The manner in which the Eurozone was constructed in the 1990s is the main problem. It is just a common currency area without the necessary institutions that would make it into a proper monetary union. Add in the absence of the Franco-German political leadership that traditionally fixes problems in Europe and the nightmare for distressed Eurozone members could have several more years to run...............................................Full Article: Source
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