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EMU will stop

Critics from Britain rightly argue that the monetary union is failing because of a divergence of economic performance. There are now backstops in place but they will not stop member states drifting further apart. 

The solution is at the very least a central authority in charge of banking and finance, a small budget and some joint debt instruments. 

If politics does not allow this, you have to accept the adage that if something is not sustainable it will come to an end.

Wolfgang Münchau, FT 24 July 2016

Stein's Law: If something cannot go on for ever it will stop. 

Herbert Stein The Public Interest nr 97 Fall 1989

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