''Federalizing economic and fiscal policies. The various countries should agree to common balance of payments requirements and harmonized minimum taxation. Such a move would make self-evident the need within individual countries to adopt deep structural reforms — for example, more flexibility in rigid labor markets — to help promote competitiveness.
I am convinced that sharing sovereignty through a federal structure is not objectionable to most Europeans. What they find unacceptable is being subject to reforms that appear to question social rights acquired over decades as a short-term response to a financial crisis they did not cause.
Europe’s citizens want and deserve a long-term solution to their real challenges, not a price dictated by markets that seem to rule over their governments.'' N.Y, TIMES
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