McKinsey Executive Roundtable Series in International Economics: The Euro at 10 - State of the Union and Prospects for the Future
The McKinsey Executive Roundtable Series in International Economics is presented by the Maurice R. Greenberg Center for Geoeconomic Studies and the Corporate Program.
Robert Rubin writes that the ECB would risk losing its credibility and stoking inflation if it did not impose conditionality on its bond-buying program.
"Europe's leaders were right about the pressure. Monetary union without banking union will not work, and a workable banking union requires at least some elements of fiscal and political union. But they were wrong about the irresistible part. There is no inevitability about what comes next."