Europe’s woes are sometimes blamed on the failure of the European Union to be more like the United States. But many of the people who point out this contrast do not seem to fully understand what this would mean.
It’s true that the debt problems of Greece and Italy are greatly exacerbated by features of the European monetary union. Very different countries, with very different economic profiles, are forced to share a monetary policy that seems to be on the verge of breaking the union altogether.
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