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To survive, the eurozone must become more like the United States

February 13, 2015 4:51 PM
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Another round of negotiations between Greece and the eurozone’s powers-that-be broke down on Thursday. That leaves the two sides with little time to negotiate the terms of further aid to Greece before the current bailout runs out at the end of February. If they can’t come to an accord, Greece may well pack up its bags and ditch the eurozone.

On its face, this is a straightforward story of obtuse, high-handed decision making by the Germans. With the French, the International Monetary Fund, the European Commission, and the European Central Bank (ECB) in tow, the Germans effectively run the eurozone’s financial and monetary affairs. When G...

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