Major changes are being addressed on the way the Eurozoe is functioning and leaders are inching toward a centralized financial authority. Issues of taxation, bond issuance and budget approval are areas in need of structural power, report Louise Story and Matthew Saltmarsh for The New York Times.
“If today’s policy makers want to successfully stay the course, they will have to press ahead with structural changes and deeper economic integration,” said Antonio Borges, director of the International Monetary Fund’s European unit, in the report. “To put the crisis behind us, we need more Europe, not less. And we need it now.”
Vanguard European ETF (NYSEArca: VGK) and iShares MSCI EMU Index Fund (NYSEArca: EZU) lost more than 2% on Friday.
European markets were choppy Tuesday following news the Swiss National Bank set a floor on the euro/franc exchange rate.
Tisha Guerrero contributed to this article.