MILAN – The debate about improving economic governance within the eurozone is shedding new light on the system’s weaknesses. It was already evident when the Maastricht Treaty was signed in 1992 that a monetary union without something similar in the fiscal domain would be unsustainable in the long run. Then, for the common currency’s first decade, that fundamental flaw was papered over.
Now the eurozone – with a centralized monetary policy, run by the European Centr...
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