Letter from the Editor

摘要

As this issue goes to press, the euro crisis is still a long way from being solved. Perhaps a miracle will occur. It is, indeed, a miracle that can and should happen. But so far not all the members of the European Monetary Union (EMU) want to bite the bullet and fully rescue their struggling fellow EMU members that are now in dire fiscal straits. Our authors review the flaws built into the EMU. As they note, there is no longer any getting around the central concern-the long-standing elephant in the room, so to speak. Philip Arestis and Malcolm Sawyer say the EMU must acknowledge that it has to become a political union willing to issue bonds backed by all members if it is to save the euro.