“Unlike true sovereigns, such as the UK or US, eurozone member states cannot require the ECB to print more money to repay debts. So the only monies they can count on are those arising from their tax base…”
“The EU often likes to refer to the US as a comparator. But there is a profound difference. The US is a single country, with central organs which the federal sovereign stands behind. That is not true of the EU…”
“The EU is trying to run before it can walk. The world cannot stand by and allow it to do so, discarding the risks of its half-built currency system on to everyone else.
That’s all folks. (uno de passaggio sul Telegraph di ieri) 
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