Political leaders in the euro zone have yet to determine a way out of the explosive economic turmoil they face. But Institute for New Economic Thinking Advisory Board member Harold James has an answer.
Speaking at a recent UC Berkeley conference on the ‘Future of the Euro,’ James said that the solution to Europe’s troubles lies not simply in monetary policy but in forming and strengthening a political union, which he stated was “absolutely fundamental” to resolving the crisis.
Achieving a European political union would create a flexible economic system that provides for sustainable long-term growth, James suggested.
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