There were some ifs and buts in the report. The biggest one: the euro would have to be saved at all cost. So the report proposes a public investment fund that would suck up 20 billion per year from taxpayers in northern Europe 10 billion a year from those in Germany. It would form the foundation for a 140 billion-a-year investment stream into the Eurozone periphery, a slick transfer from taxpayers to corporations, bypassing governments and their shenanigans altogether, leaving behind austerity disputes, alphabet-soup bailout funds, and stubborn sovereignty-transfer issues. And it wouldnt be polluted by votes or parliamentary procedures.

J Asmussen, member of the executive board of the ECB and ex-Deputy Finance Minister of Germany, was roped in to endorse the idea. He liked it but added that the additional pot of subsidies alone would hardly be enough for the euro to make it to 2025. The Eurozone cannot function the way it has been conceptualized, he admitted. That's why we have to systematically develop it further over the next few years  Hence total integration. The Banking Union would just be the next step, he said.

And so the McKinsey study and Asmussen agreed: total Eurozone integration would be required for the euro to make it; and the euro would be required for Germany to reach the Golden Twenties  and experience a second Economic Miracle.


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