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

1 Faculty News November 27, 2013 ![The New York Times Logo](/sites/default/files/styles/246w/public/assets/images/uat_027320.jpg?itok=W8xBr66g)>

Excerpt from [The New York Times](http://www.nytimes.com/2013/11/28/opinion/euro-marriage-in-peril.html?_r=0) -- "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."

[Read more](http://www.nytimes.com/2013/11/28/opinion/euro-marriage-in-peril.html?_r=0)