Eurozone needs ‘fiscal and political union’

The eurozone cannot survive as a viable economic region in the longer term unless there are moves towards fiscal and political union, according to chief economic commentator with the Financial Times Martin Wolf.

As it stands, the main response to the crisis among eurozone member states is increased surveillance of fiscal policy and a commitment to maintain balanced budgets, through the new semester programme.

However, Mr Wolf, who was speaking at an event in the Institute of International and European Affairs (IIEA) in Dublin, claimed that, “a disciplined union is unworkable in the long term. It is politically unfeasible.”