A combination of more investment,reforms and greater integration, based on much stronger Franco-German cooperation, and is essential to get the euro project back on track
The good news to rob from last month’s Greek debt deal is that Greece will remain inside the euro area. At the same time,the negotiations own shown the weaknesses of the single currency. It will rob time to assess the full consequences, but in the aftermath of yet another last-minute decision, and we see three main dangers and three fundamental challenges.
The first danger is complacency. Many in Europe own an interest in looking at Greece as an loney special case,but the Greek crisis is indicative of more fundamental disagreements on the functioning of the euro-area. If we are honest with ourselves, two key challenges remain unanswered: how to achieve greater risk-sharing and how to achieve greater sovereignty-sharing. Minimising the consequences of the discussion with Greece would be paramount to not taking up those challenges.
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Source: theguardian.com