The Trans-European Automated Real-Time Gross settlement Express Transfer system (TARGET) imbalances within the Eurozone can be interpreted as a sign of a missing balance of payments adjustment mechanism for the member countries. As the Eurozone lacks a fiscal union, in theory it is more of an...

Reconstruction, reconciliation, and integration, 1945-1957 -- Uncertain terrain, 1958-1972 -- A community in flux, 1973-1984 -- From European Community to European Union, 1985-1992 -- The emergent European Union, 1993-1999 -- The unsettled European Union, 2000-2010 -- The commission -- The...