I suppose it comes down to the idea of solidarity

Monetary union without fiscal union (and particularly without meaningful fiscal transfer) is untenable. If the Eurozone countries believe in the single currency, they should put up the readies to support the countries in need. And the recriminations can work both ways. Aren't the Eurozone countries who agreed to admit new members without properly applying the convergence criteria, and who didn't realise the inadequacy of the original SGP, more culpable than investors in Cypriot banks?

Posted By: King, Mar 16, 20:36:22