Some German and French officials are toying with the idea of a “two speed” eurozone where a core group of countries would pursue closely integrated tax and fiscal policies, Reuters reports. It would be a radical overhaul of the European Union, and a development that remains purely theoretical for now. Such a move would likely meet the opposition of many EU countries, whose backing is necessary for any amendments to the bloc’s treaties. Nonetheless, it is significant that the two EU heavyweights are willing to even entertain the idea.
Wednesday, November 9, 2011