The mixture of the recent EU policies – mainly the “fiscal compact” and the OMT approach by the ECB – restored the nominal stability for the Eurozone and therefore preserved the common currency. However, the same steps resulted in a widening gap between the Northern tier and the...

The Eurozone (and implicitly the whole EU) finds itself at the crossroad. Economic dynamism of the last few years revealed fissures in the European economic and increasingly political edifice. The vaunted achievement—the common currency Euro—proved itself to be the double-edged sword. The...