Saturday, June 04, 2005

¿United or Unified?

Can this union be saved? |
In Europe, by contrast, few mechanisms exist to bring the euro area’s widely divergent business cycles into sync.


If Europe’s economies do not drive forward towards a single market, with labour markets that are more flexible (and international), there is a growing risk that some of its members will eventually find the gulf between their economies and their monetary policies too wide to endure.