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Governments didn't build up excessive debts because of the lack of fiscal unity.
It is a better long-term model for the region than euro bonds and fiscal unity.
Both camps often argue that the main reason the euro zone is in crisis is because monetary union was started without fiscal unity.
Tomorrow a week begins that could propel the eurozone towards fiscal unity, change Britain's relationship with its euro partners, and offer a potential route out of the debt crisis and renewed credit crunch which now accompanies it.
Conventional wisdom is that fiscal unity among countries in the euro zone — of which euro bonds would be a primary element — is needed to make the monetary union a success.
Buying the bonds was widely seen as a requisite next step after leaders of the European Union agreed to strengthen fiscal unity in the bloc at last week's summit meeting.
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If Europe can't take those first steps, then it would be folly to believe that leaders will ever agree on fiscal and political unity, without which the euro will not make it.
Europe's malaise is that it has a single currency but no comparable unity on fiscal, labour and tax policies.
The vote will serve as a test of GOP unity on fiscal issues and an indicator of whether any vulnerable Democratic lawmakers are willing to go along with their plans.
A1 NEW YORK/REGION B1-7 PatakIsInauguratedted, Seeks Unity in Fiscal Crisis George Elmer Pataki was sworn in for his third term as New York's governor and challenged New Yorkers to confront the state's dire fiscal problems with the same courage and unity they displayed during the terrorist attacks 15 months ago.
With a general election looming and public dissatisfaction with the ruling Liberal Democratic Party LDPP) remaining high, the new line-up also makes token concessions to party unity, structural fiscal reform, and age and gender diversity.Mr Aso is outspoken and gaffe-prone, but his man-of-the-people image may boost the LDP ahead of the next general election.
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