#Breaking: It’s time to tackle #Europe’s #economic and monetary slippage

The writer is a former managing director of the IMF, former governor of the Banque de France and former president of the European Bank for Reconstruction and Development A sovereign currency represents the quintessence of the issuing country: the collective characteristics of the nation. The single currency of the EU, the euro, is far removed from this status. Rather than demonstrating unity, it is a continuing source of tension and dispute among the eurozone’s constituents. At a time when the European Central Bank needs to go further in “normalising” interest rates to counter persistent inflation, member states and the European Commission must demonstrate the will for corrective action. Unless new policies are forthcoming, a new euro crisis could erupt sooner or later.

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