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In an op-ed, Prof. Nouriel Roubini discusses the state of the European Union

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Excerpt from The New York Times -- "Perhaps the marriage was doomed from the start. The partners had marriage rings  —  a common currency  —  but they did not have the common values of marital behavior. Historically, successful monetary unions also include a banking union with common deposit insurance and rules for bailing out banks; a fiscal union in which rich regions transfer resources to poor ones and where revenue and spending are pooled; an economic union with a single market, with policies in place to ensure convergence of economic growth rates; and a political union to give democratic legitimacy to the central fiscal and economic management."

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