Argument: EMF will not solve EU structural fiscal problems
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Tyler Cowen argued that the "underlying problems of European multilateral governance" are unlikely to "be solved by creating an entirely new and different institution."
[...] "The essence of the European dilemma is the divergence between monetary union and fiscal separation, layered on top of some low-trust, dysfunctional cross-national governance. Multiplying intermediate institutions won't make those problems go away."