Without a Budget, the Eurozone Remains Ill-Equipped for Its Next Crisis

French President Emmanuel Macron arrives for the eurozone summit in Brussels,  June 20, 2019 (AP photo by Olivier Matthys).
French President Emmanuel Macron arrives for the eurozone summit in Brussels, June 20, 2019 (AP photo by Olivier Matthys).

It is a question that has lingered since the European debt crisis: Can the European Union and eurozone shore up their institutional crisis-response capabilities without another political or economic emergency to provide the impetus? If June’s eurozone summit in Brussels was any indication, the answer remains no. At the meeting, the eurozone leaders agreed to establish the Budgetary Instrument for Convergence and Competitiveness, or BICC, a mechanism that ostensibly allows the eurozone to redistribute funds among member states. But compared to the lofty ambitions of French President Emmanuel Macron and others who have long advocated for a centralized eurozone budget, […]

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