Revisiting the Big Plan to Save the Euro

Valentina Pop, Wall Street Journal, 12.03.2015

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It was supposed to be the missing piece in the revamped eurozone architecture, ensuring that the euro will be spared “existential threats” of the kind it faced from 2010 to 2012. Or so it was presented, back in 2012, when a quartet of top European officials tabled a plan for a “genuine” economic and monetary union. [...]

The minimalist treaty-change option is something Germany backs. One senior diplomat argued that playing down the need for a major treaty change would give other governments more ammunition to bargain with Mr. Cameron in any future negotiation.

Janis Emmanouilidis from the European Policy Centre, a Brussels-based think tank, said he has “not very high expectations” of future reform. The lower Mr. Juncker’s ambitions, the more chance he has of success, he says. [...]

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