Deeper integration and EU superstate will be no "panacea" for ills of the eurozone says Olivier Blanchard
The euro will be consigned to a permanent state of malaise as deeper integration will bring no prosperity to the crisis-hit bloc, according to the former chief economist of the International Monetary Fund.
In a stark warning, Olivier Blanchard - who spent eight years firefighting the worst global financial crisis in history - said transferring sovereignty from member states to Brussels would be no “panacea” for the ills of the euro.
We should not think once fiscal transfers are done, the euro will work perfectly and things will be forever fine