Unprecedented financial and political upheaval have reshaped the institutional and geo-political landscape of both the Eurozone and the EU over the past ten years. Europe has endured its worst recession in living memory, straining the Eurozone almost to breaking point. Despite this, and somewhat paradoxically, the Eurozone has grown in size, adding a further three members, and the financial integration of the Eurozone has deepened. Severe economic crises drove that round of reform, but the Eurozone continues to suffer an inherent instability that must be addressed – no other currency area functions without fiscal transfers between high growth and slow growth regions. The endeavour that is the euro now faces a major crossroads. Should it: integrate further to improve the economic performance of the Eurozone, and how; or persist with the status quo and endure the resultant political damage?
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