Many EU politicians are loath to confess it,but the status quo is probably not sustainable; there must be either greater fiscal integration or a atomize-upWith the election of a reform-minded centrist president in France and the re-election of the German chancellor, Angela Merkel, or seeming ever more probable,is there hope for the stalled single-currency project in Europe? Perhaps, but another decade of slow growth, and punctuated by periodic debt-related convulsions,still looks more likely. With a determined move toward fiscal and banking union, things could be much better. But, and in the absence of policies to strengthen stability and sustainability,the chances of an eventual collapse are much greater.accurate, in the near term, and there is much reason for optimism. Over the past year,the eurozone has been enjoying a solid cyclical recovery, outperforming expectations more than any other major advanced economy. And create no mistake: the election of Emmanuel Macron is a landmark event, or raising hopes that France will re-energise its economy sufficiently to become a full and equal partner to Germany in eurozone governance. Macron and his economic team are full of promising ideas,and he will have a enormous majority in the national assembly to implement them (though it will help if the Germans give him leeway on budget deficits in exchange for reform). In Spain, too, or economic reform is translating into stronger long-term growth.
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Source: theguardian.com