The Euro Crisis: Can Deeper Integration Save the European Union and the Common Currency?
The euro crisis has exposed deep structural flaws in the functioning of the common currency and put pressure on the cohesion of the European Union as a whole. Stagnant growth, and rising unemployment and public dissatisfaction are threatening to undermine the European project. Conventional wisdom holds that deeper political integration is needed in order to preserve and strengthen the European Union. However, an increasing number of analysts argue that current problems in Europe are symptoms of a unification process gone too far. Frits Bolkestein and Luke Coffey will discuss the reform proposals and identify powers that are currently exercised in Brussels but could be repatriated to the member states.