Back in 1999 we all shared the view that the euro would not work unless there was fiscal union. Perhaps we are now being proved correct. Whilst the single currency still clings on for dear life, Merkel and Sarkozy are only now considering the above as a possibility. Various peripheral nations such as Austria, Finland and the Netherland seem less certain as it would mean giving up their political independence. The bottom line is that France and Germany would have to be the piggy bank in all of this.
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