Presenting The New Plan For A Eurozone Superstate—–Curly, Larry And Moe

Dutch finance chief Jeroen Dijsselbloem, left, with European Commission President Jean-Claude Juncker, center,  and President of the European Council Donald Tusk, right, in Brussels last week. ENLARGE

That will likely take time: The plan released on Sunday envisions its more-ambitious measures, such as a shared budget for the eurozone, possibly taking 10 years to come into effect, reflecting the political obstacles that now stand in the way of drawing the its 19 disparate nations more closely together.

Despite those hurdles, senior European officials who have pushed for the plan say fundamental changes to the eurozone are needed to prevent a repeat of the bloc’s debt crisis, which was caused in large part by wages and prices in the south rising much faster than they did in the north.

The eurozone has proved unable to reverse the loss of competitiveness in the south, leaving those countries grappling with unemployment rates exceeding 20% in some cases and little prospect of a significant recovery soon.

Greece, in particular, remains engulfed in crisis, and is running out of time to reach a deal that would avert its exit from the eurozone.

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Demonstrators in Brussels take part in a rally on Sunday in support of the Greek people and against further austerity measures in Greece. ENLARGE

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–The plan—written by European Commission President !–
– Jean-Claude Juncker!–
– in cooperation with the European Central Bank, the European Council, the European Parliament and the group representing the eurozone’s finance ministers—makes the case that without more political

Originally appeared at: http://davidstockmanscontracorner.com/presenting-the-new-plan-for-a-eurozone-superstate-curly-larry-and-moe/

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