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Nov 1, 2021
. The European parliament in Strasbourg, October 24, 2014 | Yves Herman/Reuters
European policymakers should stop trying to rescue the euro zone, says a new report from the European Council on Foreign Relations (ECFR). The study, “Who Cares if the Euro Is Trashed?” argues that the time has come for the euro zone’s leaders to admit they no longer can salvage the union’s common currency.
The EU, which currently has 27 members, has grown to include more than 500 million people. The eurozone is split into a small core of mostly creditor nations such as Germany, Italy, and France, and a large periphery of debtor nations such as Greece, Portugal, and Spain. The EMU suffers from “perceived inadequacies, budgeting deficits and weaknesses in coordination,” the study notes.
In order for the EU to achieve its goal of transforming the union into a zone of high standards and growing prosperity, the report says, the time has come for the bloc’s leaders to admit they can no longer save the euro and seek a more fundamental overhaul.
“Many European leaders are facing a difficult and uncertain future with respect to the euro. They are caught between a euro that is disintegrating under their feet and a union of growing political and economic weight that is increasingly in need of a proper vision and a reformed European Union,” says Peter Tindemans, head of the ECFR’s transatlantic strategy team.
For its part, the European Commission is keeping an open mind about the possibility of reintroducing a common currency for the 27-nation bloc, according to its chief spokesman, Margaritis Schinas.
“Our policy position is clear. We think it ac619d1d87
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