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Pedro Mendi, Professor of department of business, University of Navarra

The euro is exposed to further penalties

Sun, 04 Dec 2011 17:00:59 +0000 Published in

It seems that the idea of a "two-speed Europe" is a threat whose goal is to force the less disciplined countries to introduce far-reaching reforms in order to join the hard-core club. This status would be reminiscent of the efforts of several states to meet the convergence criteria of the Maastricht Treaty. It is unrealistic to speak of a "two-speed Europe" without speaking of a break-up of the euro zone. It is this break-up that is to be avoided, because of the serious consequences it would have on the euro zone, and this option should be made less credible. European leaders never cease to amaze us with their ability to push situations to the limit, so we cannot rule out the possibility.