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Union in sentence

2117 examples of Union in a sentence

Politically, it embodies solidarity and thus helps cement the union.
That, in turn, would require MPS’s junior bondholders to take losses, unless the government breaches the EU’s bank “bail-in” rules, which would undermine the eurozone’s new banking union.
Unless Italy enacts radical reforms to address its sclerotic growth, it is hard to see how it could ever have a viable future in a dysfunctional monetary union dominated by a mercantilist, deflationary Germany.
It is also implausible that Germany would offer to enter into a eurozone fiscal union that entails pooling its debts with Italy’s.
And Europe faces a desperate need to build pan-European institutions to ensure banking and fiscal union, and to address serious competitiveness problems in France and Italy.
It now seems clear to almost everyone that one key challenge facing the eurozone stems from the fact that it is a monetary union without being an economic union, an arrangement that has no counterpart anywhere.
Beyond the specific problems of the monetary union, there is also a global dimension to Europe’s challenges – the tension, emphasized by authors such as Dani Rodrik, and Jean Michel Severino and Olivier Ray, between national democratic politics and globalization.
In the euro area, instead of continuing to deny that monetary union limits national fiscal sovereignty, they must come to terms with economic reality and follow stricter budgetary rules.
The Maastricht Treaty envisaged a simple policy framework for economic and monetary union.
The only solution, many euro supporters now contend, is full political union, which would allow for fiscal transfers from the eurozone’s more competitive countries to their weaker counterparts.
The notion that a eurozone fiscal union could do better is a dangerous fantasy.
France and Germany were joined at the hip – economic cooperation was meant to lead to closer political union.
A union with 7% of the world’s population produced 22% of its output, a larger share than the United States, almost twice that of China, and 4-5 times that of India.
If not, then many of us will find it increasingly difficult to see Europe as anything more than a glorified customs union with political ambitions that are far too big for its boots.
They argue that it is not the ECB’s job to rescue the euro or to prevent countries from exiting the monetary union.
New Power, New Responsibility calls for “deepening” the European Union through measures that would include democratizing EU financial decision-making by directly engaging national parliamentarians and exchanging tighter European fiscal constraints on member governments’ budgets for a European banking union, a eurozone budget, and Eurobonds.
But such doubts ignore the political and cultural factors that buttress a deep European commitment to preserve the monetary union.
After all, a significant change in policy direction within the euro zone’s biggest economy could have a much larger effect on the currency union than developments in Greece.
He had no doubt about which vision would win out: “Yearly one nation after another would drop into the union which best suited it; and looking to the commercial activity of the Teutonic races, and the comparative torpor of the Latin races, no doubt the Teutonic money would be most frequently preferred.”
Instead, they would seek to enter the world trade body as a single customs union.
A customs union with Belarus and Kazakhstan is no alternative to Russia’s WTO accession.
Moreover, while the customs union was proclaimed in 1995, the earliest it can be formed is in July 2011, which is unlikely.
And European Union officials must abandon their obsession with driving all member countries toward an “ever-closer union” that many of their citizens do not want.
In the process, some form of fiscal and banking union may also emerge, together with some progress on political integration.
But, however important the fiscal and banking union elements of this process may be, the key is whether large-scale financing and gradual adjustments can restore sustainable growth in time.
Just consider what must be overcome: economic divergence and deepening recessions; irreversible balkanization of the banking system and financial markets; unsustainable debt burdens for public and private agents; daunting growth and balance-sheet costs in countries that pursue internal devaluation and deflation to restore competitiveness; asymmetrical adjustment, with moral-hazard risks in the core and insufficient financing in the periphery fueling incompatible political dynamics; fickle and impatient markets and investors; austerity fatigue in the periphery and bailout fatigue in the core; the absence of conditions for an optimal currency area; and serious difficulties in achieving full fiscal, banking, economic, and political union.
A Greek exit from the eurozone, together with financial and political turmoil inside Greece, would be perceived as a major defeat for European integration – especially after the laborious efforts made to hold together the monetary union and, with it, the European dream.
Now France's blatant flaunting of the EU's Stability Pact, which caps deficit spending at 3% of GDP, is speeding Europe to an important crossroads that threatens to undermine both European monetary union and the euro itself.
This will cause many to have second thoughts about European monetary union.
After all, who wants a monetary union that bloats the welfare state and is an engine for inflation?
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