The euro zone is disunited

Jean Pisani-Ferry, from the Breugel Institute of Economic Analysis in Brussels, considers that "disunity poses a problem" in the euro zone. "It suffices to listen to the declarations being proffered here and there. Common positions exist, but are not always systematically supported by member states. The euro zone is less divided than it seems, but it is still too divided to prevent a great raucous from bursting out. What is needed is to clarify the doctrine and to agree on what belongs to monetary policy, what is the responsibility of the [European Central Bank], what lies with financial diplomacy and what is the responsability of the governments. There has been too much ambiguity. There needs to be more verbal discipline and more collective action. We are entering a difficult zone in which the viability of the monetary European Union may be put to the test."

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