There are only two possible solutions: the end of the euro or full economic union.
Essentially, the price of debt-sharing through deeper economic union is loss of national economic sovereignty.
They also bode poorly for the resolution of disputes in a closer economic union.
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The territory enjoys strong links with Canada, and politicians have occasionally mooted a political and economic union.
President Barroso is on record as saying that the EU is so much more than an economic union.
The main lesson from the debacle is that economic union requires political union.
The officials believe that the only answer lies in economic union but they have not brought the people with them.
Important decisions on creating a fiscal and economic union to strengthen Europe's shaky monetary alliance have been put off until June.
The deepest financial crisis in a century has exposed the fragility of a monetary union without a fiscal and economic union.
British Eurosceptics and European federalists alike feel vindicated in predicting that monetary union would not work without a political and economic union.
Inevitably, the countries in the closer economic union will want greater control, for example, over the financial sector with direct impact on Britain.
"Originally we were promised a monetary union, without political or economic union, " says Sampo Terho, an MEP from a Eurosceptic Finnish party, the True Finns.
The federalists have always argued that European union would evolve gradually, with closer economic union creating both the need and the desire for closer political co-operation.
The EU needs either more political union if it wants to keep its single market, or less economic union if it is unable to achieve political integration.
Earlier this year, for example, the Euro traded at 1.19 to the dollar as speculation mounted regarding the future of the European Economic Union and the Euro itself.
How the war was going terribly wrong for Lincoln who, for the early part of the conflict, was focused on keeping an economic union together more than anything else.
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The Germans want to see a fiscal and economic union in place first, with all the safeguards that it will not become the paymaster for the rest of Europe.
Further, there are things that can be done to mitigate those problems over the wider area: a common treasury, that full economic union, inter-regional transfers and a mobile labour force.
Now there is a huge crisis, so the euro is doomed unless its members pool more sovereignty when it comes to taxing, spending and borrowing, and create an economic union.
The 9th of December I will present to the heads of state and government a roadmap on how to strengthen the economic union of the euro area commensurate with our monetary union.
Back in the heyday, when countries in the European Union dreamed up their economic union, most figured they could hitch their economies to the German locomotive, with its powerful mark currency and economy.
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Labour has criticised the timing of the consultation, arguing for a more immediate "strategy" announcement, ahead of proposals for greater economic union within the eurozone being discussed at an EU summit next month.
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Similarly, it would be marvelous to hear her assess the state of the European Union today, as every one of her predictions of the dangers of economic and monetary union have been shown to be correct.
"The structure of economic and monetary union has been left half-built, " Mr Zervos told me.
European Union economic data released Tuesday showed Euro zone inflation was unchanged in September, at a 2.6% annual rate.
To join economic and monetary union (EMU), Hungary must have a budget deficit of less than 3% of GDP.
In overnight news, European Union economic data showed Euro zone inflation was unchanged in September, at a 2.6% annual rate.
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Recent economic data coming from the European Union paints a gloomy economic picture for the EU in the coming months.
There was some weak European Union economic data released Monday that reignited fears the EU has slipped into economic recession again.
Economic and Monetary Union (EMU) was supposed to banish the competitive devaluations that threatened the single market in the early 1990s.
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