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Eurozone: A Bad Marriage
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Eurozone: A Bad Marriage

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Eurozone: A Bad Marriage

Kenneth Rogoff explained the fundamental issue regarding the eurozone perfectly: It is as is 17 unmarried individuals are sharing a bank account. Next week, leaders are meeting to discuss the fate of the euro. Angla Merkel, accordingly, believes there needs to be a treaty revision. Namely there needs to be swift and deliberate action to move towards fiscal consolidation before any more bailout discussions can occur.

So what is all this fuss about eurobonds? Countless individuals continue to make their way into the media insisting that eurobonds are the solution, at least a leading solution amongst many solutions. I don't get how this is so. This is a bond backed by a region that has proven itself to be a failure. OK, if countries like the U.S. and China back the program this adds a tiny bit more validity to the promises to repay this debt. However, these bonds are still being used to throw new money on top of a fire that will not stop burning until serious structural reforms take place. I applaud Chancellor Merkel for taking the actions that she has, including insisting that the ECB maintain its independence by not taking advice from Germany (who has been asked to contribute their thoughts regarding what the central bank should do, sounds like government officials not belonging where they are to me).

So eurobonds do not seem likely in the near future, but they absolutely will be introduced following the mitigation of this disaster, if we in fact make it past the next 10 days. I am eager to see how markets react in the run-up to the EU meeting next week. I assume there will be extreme volatility, mainly because this recent move by the Fed and other central banks is really only a temporary solution, much like eurobonds are in theory.

My main question is: when are our "leaders" going let markets correct themselves and begin to construct more meaningful, permanent and structural solutions?

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