Athanasios Kolliopoulos: The “veil of ignorance” on the reform of the eurozone and the closed “opportunity window”

The Eurozone continues to suffer from financial fragility, suboptimal conditions for long-term growth, and deep political divisions.  ‘Doom loop’ between banks and sovereigns, non-transparent fiscal rules and the euro area’s inability to deal with insolvent countries other than through harsh fiscal adjustment continues to pose a major threat to individual member states and the euro area as a whole. Therefore, the proposals for reforming the Eurozone strike a balance between risk-sharing and crisis prevention by trying to find some middle ground between solidarity and responsibility. But the insistence on the “market discipline” cannot counter the structural weakness of the Eurozone. By allowing market imperatives to be transposed into national budgets, European institutions will continue to suffer from a democratic deficit.

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