{"id":3892,"date":"2015-01-02T10:40:41","date_gmt":"2015-01-02T15:40:41","guid":{"rendered":"http:\/\/olduvai.ca\/?p=3892"},"modified":"2015-01-02T10:40:41","modified_gmt":"2015-01-02T15:40:41","slug":"stability-and-prosperity-in-monetary-union-by-mario-draghi-project-syndicate","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=3892","title":{"rendered":"Stability and Prosperity in Monetary Union by Mario Draghi &#8211; Project Syndicate"},"content":{"rendered":"<p><a href=\"http:\/\/www.project-syndicate.org\/commentary\/ecb-eurozone-economic-union-by-mario-draghi-2015-1\">Stability and Prosperity in Monetary Union by Mario Draghi &#8211; Project Syndicate<\/a>.<\/p>\n<p style=\"box-sizing: border-box; margin: 0px;\" data-line-id=\"3bfba9de47ce484a8be9940cd14dbb1f\">FRANKFURT \u2013 There is a common misconception that the euro area is a monetary union without a political union. But this reflects a deep misunderstanding of what monetary union means. Monetary union is possible only because of the substantial integration already achieved among European Union countries \u2013 and sharing a single currency deepens that integration.<\/p>\n<p style=\"box-sizing: border-box; margin: 0px;\" data-line-id=\"bca264fd31f34c4eb4641b924e564bb3\">If European monetary union has proved more resilient than many thought, it is only because those who doubted it misjudged this political dimension. They underestimated the ties among its members, how much they had collectively invested, and their willingness to come together to solve common problems when it mattered most.<\/p>\n<div class=\"ad-container-embedded medium-rectangle\" style=\"box-sizing: border-box; height: 250px; width: 300px; float: right; position: absolute; top: 0px; right: -320px; z-index: 0; margin: 20px 0px 20px 20px;\">\n<div id=\"Mpu\" style=\"box-sizing: border-box;\">\n<div id=\"google_ads_iframe_\/298083\/main_site\/ns_article_1__container__\" style=\"box-sizing: border-box; border: 0pt none initial;\"><iframe loading=\"lazy\" id=\"google_ads_iframe_\/298083\/main_site\/ns_article_1\" style=\"box-sizing: border-box; vertical-align: bottom; border: 0px initial initial;\" src=\"http:\/\/www.project-syndicate.org\/commentary\/ecb-eurozone-economic-union-by-mario-draghi-2015-1\" name=\"google_ads_iframe_\/298083\/main_site\/ns_article_1\" width=\"300\" height=\"250\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/div>\n<\/div>\n<\/div>\n<p style=\"box-sizing: border-box; margin: 0px;\" data-line-id=\"21e382ecae9f4d8d9d3c1cf922002e3b\">Yet it is also clear that our monetary union is still incomplete. This was\u00a0<a style=\"box-sizing: border-box; color: inherit; text-decoration: none;\" href=\"http:\/\/www.consilium.europa.eu\/uedocs\/cms_Data\/docs\/pressdata\/en\/ec\/134069.pdf\" target=\"_blank\">the diagnosis<\/a>\u00a0offered two years ago by the so-called \u201cFour Presidents\u201d (the European council president in close collaboration with the presidents of the European Commission, the European Central Bank, and the Eurogroup). And, though important progress has been made in some areas, unfinished business remains in others.<\/p>\n<p><span class=\"Apple-style-span\" style=\"font-family: 'Copyright Klim Type Foundry 400', Arial, sans-serif; line-height: 25px; color: #000000;\"><span style=\"box-sizing: border-box;\"><br style=\"box-sizing: border-box;\" \/>Read more at http:\/\/www.project-syndicate.org\/commentary\/ecb-eurozone-economic-union-by-mario-draghi-2015-1#xhi0fOW003jg7kTI.99<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stability and Prosperity in Monetary Union by Mario Draghi &#8211; Project Syndicate. FRANKFURT \u2013 There is a common misconception that the euro area is a monetary union without a political union. But this reflects a deep misunderstanding of what monetary union means. Monetary union is possible only because of the substantial integration already achieved among [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[280,282,2246,1044],"class_list":["post-3892","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-euro","tag-european-central-bank","tag-european-monetary-union","tag-mario-draghi"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3892","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3892"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3892\/revisions"}],"predecessor-version":[{"id":3893,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3892\/revisions\/3893"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3892"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3892"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3892"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}