Two mantras guide German thinking about eurozone integration: responsibilities and control must be aligned (so no mutualization of risk without shared jurisdiction); and legacy risks must be settled before any pooling of risks among euro members takes place. Since 2010, these two refrains have shaped the entire discussion of how to shore up the euro, […]
Adam Tooze and Shahin Vallée
Adam Tooze is Professor of History at Columbia University. Shahin Vallée, a former economic advisor to the French Minister of Economy, is a senior economist at Soros Fund Management.