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Union in sentence

2117 examples of Union in a sentence

Later writers came to recognize that there are other essential criteria for a successful currency union, which are difficult to achieve without deep political integration.
Peter Kenen argued in the late 1960’s that without exchange-rate movements as a shock absorber, a currency union requires fiscal transfers as a way to share risk.
But, in a currency union with huge differences in income and development levels, the short term can stretch out for a very long time.
Later, Maurice Obstfeld pointed out that, in addition to fiscal transfers, a currency union needs clearly defined rules for the lender of last resort.
For example, while Dutch Prime Minister Mark Rutte has doubled down on his opposition to a eurozone “transfer union,” Merkel has agreed, in principle, to Macron’s proposal for a joint eurozone budget.
Whatever reservations one may have about Germany’s fiscal obsession, rules of the game are required to deal with unsustainable public-debt accumulation in a monetary union.
In this context, taking the steps needed to upgrade economic systems, including infrastructure in the US and the incomplete union in Europe, or to meet historical challenges like the refugee crisis, seems all but impossible.
A monetary union that cannot rely on exchange-rate adjustment or fiscal transfers to reduce labor-market imbalances requires mobility across national borders.
Today, supporters of the EU must face the facts: an ever-closer union is not the European people’s will, even in the member states that would never choose to leave it.
Europe’s only option is to repair and strengthen the currency union through banking, fiscal, and political union.
A banking union really is needed to break the vicious cycle of weak banks and debt-laden governments.
But the logic behind fiscal union is muddier – not least because its proponents have largely failed to explain exactly what it means.
For that, a political union – with directly elected European officials and a significantly more powerful European Parliament – would be needed.
If Europe were to thrash out a fiscal and political union now, it would look too rigidly rules-based, too Germanic.
And, without debt mutualization or large-scale redistribution of wealth, political union becomes unnecessary – at least for now.
Even without fiscal and political union, the European Commission has been empowered to supervise fiscal spending and other macroeconomic developments – such as wage growth and real-estate prices – that could cause imbalances to re-emerge.
And the best way to guard against that is to establish an EU-Ukraine customs union.
The prospect of a customs union is the strongest incentive to implement the agreed free-trade deal and continue Ukraine’s long-term economic integration with Europe.
Since Turkey forged a customs union with the EU in 1996, bilateral trade in goods has increased more than fourfold.
I do not view an EU-Ukraine customs union through rose-tinted glasses; there are some downsides.
Joining the customs union would limit Ukraine’s ability to negotiate its own trade agreements.
A reduction in borrowing costs constituted a powerful motive in the 1990’s for southern European governments to join the monetary union.
Debt Without DrowningLONDON – Since the 1970’s, economists have warned that a monetary union could not be sustained without a fiscal union.
Europe now faces a difficult choice: either fix this fundamental design flaw and move toward fiscal union, or abandon the common currency.
Indeed, while the desirability of establishing a monetary union may have been open to question in the 1990’s, dismantling the eurozone now would trigger profound economic, social, and political upheaval throughout Europe.
To avoid this outcome, Europe’s leaders must begin designing and implementing strategies aimed at bringing the eurozone closer to a fiscal union.
To be sure, a fiscal union such as that in the United States is a distant prospect that eurozone leaders should not expect to achieve any time soon – or even in their lifetimes.
But that does not mean that establishing a fiscal union is a chimera.
But what other measures could be taken to bring the eurozone closer to a political union?
Rather than wait for political union to happen, Hamilton took action that eventually helped the US to become a full-fledged monetary, fiscal, and political union.
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