The ECB’s Risky Business - Daniel Gros - Project Syndicate

The ECB’s Risky Business - Daniel Gros - Project Syndicate: A common money and a common monetary policy cannot work properly with a banking system that is segmented along national lines. The most urgent step to stabilize the euro is not to follow the chimera of “euro economic government,” but to create the underpinnings of a truly integrated banking market with a common supervisor, a form of “federal” deposit insurance, and a “euro bank rescue fund” for the large cross-border institutions.