In today’s Financial Times, Peter Boone and I have an op-ed with proposals for reforming how the eurozone operates. The current arrangements have proved unstable – encouraging countries to run excessive budget deficits while also giving banks an incentive to both finance profligate governments and also fuel real estate bubbles.
Addressing these problems would require creating a “core” of countries that keep the euro, agree to much more unification of fiscal policy, and put in a place a single strong bank regulator/supervisor. A move in this direction may not seem likely in the short-term, but the pressures are still building
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