Europe: The single-currency grand bargain has to be re-made

By:
Clive Horwood, Peter Lee
Published on:

If Europe’s sovereign debt problem is heading to a decisive crisis moment, it seems that it must resolve itself either through some form of greater fiscal union or a break-up of the single currency that, if disorderly, could easily be even worse for the global financial system and economy than the aftermath of the Lehman bankruptcy.