EU on path to fiscal union
The approval Wednesday by Germany?s Constitutional Court of Europe?s permanent rescue fund, also known as the European Stability Mechanism, appears to have firmly placed the eurozone on the path to full fiscal unification.
This repositioning is confirmed by the statements of key European officials.
In addition, the same officials claim to be determined to keep Greece in the single-currency area and to have it participate in the ?new Europe.?
But for this to happen, both sides will have to live up to their duties. Greece must fulfill its commitments and not seek to fool its European peers with halfhearted measures and bogus reforms.
Meanwhile, Greece?s European partners should refrain from raising the bar too high for the debt-wracked country and instead take into consideration the fact that society?s tolerance levels are wearing dangerously thin.
Finally, officials must put an end to speculation of a Greek euro exit, which only creates more trouble for all parties involved.
