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Questo articolo è stato pubblicato il 09 maggio 2013 alle ore 17:06.

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In fact, Alexander Hamilton adopted this approach more than 200 years ago, when he decided to mutualize the debts that individual US states had incurred during the Revolutionary War – a decisive move toward further political integration. Rather than wait for political union to happen, Hamilton took action that eventually helped the US to become a full-fledged monetary, fiscal, and political union.

The eurozone is gripped by an existential crisis that is slowly, but inexorably, destroying the monetary union’s very foundations. The only way to stem the erosion is to take determined action that convinces financial markets that the eurozone is here to stay. A debt-pooling scheme that satisfies the requirements outlined here would signal that the eurozone member countries are serious about sticking together. Without this gesture, further market turmoil is inevitable – and the eurozone’s collapse will become only a matter of time.

Paul De Grauwe is Head of the European Institute at the London School of Economics.

Copyright: Project Syndicate, 2013.

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TAG: Head, Padoa-Schioppa, Jakob von Weizsäcker, Paul De Grauwe, Ufficio Stampa, Alexander Hamilton, Europe, European Institute at the London School

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