Money talks: financing the periphery buys Berlin a leading role recasting the eurozone governance framework. The recent ‘six pack’ of legislative reforms hints at what’s to come: institutionalized fiscal discipline and an excessive imbalances procedure that protects against future moral hazard. The whole eurozone will tilt toward the German surplus model as we get more fiscal integration and more German leverage.
Style…is a peculiar recasting and heightening, under a certain condition of spiritual excitement, of what a man has to say, in such a manner as to add dignity and distinction to it.Matthew Arnold
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