I fully agree with Martin Sandbu that the eurozone’s tectonic plates are shifting / FT, 2 January 2020/. But there is more than that.
Having launched the euro, the Americans changed their mind about Europe: the eurozone became a strategic rival instead of a former ally. One cannot separate the EU from the U.S., the latter can influence European decisions, but it is not true vice versa.
By now, we can read the American mind: they will not put up with a rival western currency. They aim for either the splitting up of the EU, or the breaking up of the eurozone.
Indeed, the debate on the future shape of the monetary union has come out open; however, it is still the first step in the right direction but not a game-changer yet.
Re “The eurozone’s tectonic plates are shifting”
Governor Matolcsy, MNB, the Central Bank of Hungary
