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Treaty of Rome clearly stipulates that its signatories are "determined to lay the foundations of an ever closer union among the peoples of Europe."

The way forward looks daunting to many people.

But those who think that way don't know, or have simply forgotten, the history of enormous political difficulties and economic sacrifices the founding members have overcome on the long way from a largely improvised customs union to a single market and a common currency.

It, therefore, seems that what the euro area members have to do now is relatively easy, because most of the required political and economic concessions – i.e., de facto sovereignty transfers - have already been made, and most of the institutions they need are there.

Dr. Michael Ivanovitch, CNBC 22 Febr 2016

Dr. Michael Ivanovitch served as a senior economist at the OECD in Paris, international economist at the Federal Reserve Bank of New York and taught economics at Columbia Business School.

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