Saving the Eurozone does not depend on Germany: Our letter to the Financial TimesPosted: June 29, 2012
From Professors Stuart Holland and Yanis Varoufakis
Europe is deadlocked in assuming that resolving the Eurozone crisis must be unanimous. Yet it does not need this. It could do so by ‘enhanced cooperation’ which needs support by nine or more member states while, on a motion for an enhanced cooperation policy, only those supporting it vote. This could be adopted both to mutualise a share of the debt of most member states at lower interest rates and to issue bonds to fund recovery.