And could do even better with a political, monetary, banking and tax union. Perhaps the closest we can hope to get to a United States of Europe.


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Europe is galloping along, or at least trundling along, faster than the US. Given the trials and tribulations of the European Union, what with its banking crisis, Brexit, populisms and identity crisis, this may seem like a groundless analysis. But it’s true if we look at the performance of the gross domestic product (GDP) for the Euro area, which in 2016 did better than the US. One of the main reasons for this was the monetary stimuli introduced by the European Central Bank (ECB) led by Mario Draghi. And the consequences must not be overlooked: the time gained thanks to the ECB measures can be used to improve the structure and workings of the imperfect European architecture.

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