The euro's current struggles cannot be attributed solely to Greece's problems, writes Harold James, history professor at Princeton University, in an article published in business paper Világgazdaság: "The euro precisely measures international tensions in that it is a bold experiment: a currency that is not linked to a state, but rather follows from international rules and treaties. ... But in the aftermath of a crisis, countries put national interests above their willingness to go along with international rules. ... What resulted was a partly flawed answer to the problem. That was because France and Germany, the principal protagonists in the drama of monetary integration, had different visions of how the problem should be solved. The Germans pressed for clearly defined fiscal rules, but other countries wanted more wiggle room. The French argued for European economic governance alongside the monetary union. ... The answers to a global problem of this kind cannot be found on a European level. It will demand global coordination of monetary policies, and some form of global economic governance. Europe tried this combination, and found that even in a regional setting it could not be fully realized." (18/03/2010)
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