The clock is ticking. Germany continues to resist a greater European Central Bank role while promoting stronger fiscal responsibility. It pushes for change in the name of greater EU unity, but unity means stronger nations must be willing to help troubled nations when the need arises. None of the proposed legislation in Europe provides a short-term solution to the current debt crisis – that part will have to come from the ECB. The longer it remains on the sidelines the greater the damage.
Read the rest on Project Syndicate.
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