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‘As the EU takes steps to strengthen its economic and
political union, it is likely to drive a deeper wedge between core eurozone
states and member states outside of the common currency that are unwilling to
go along. Officials in Brussels have suggested that tensions caused by tighter
coordination in the common currency area can be addressed by developing new
forms of what is known as two-speed or multi-speed integration, whereby core
groups of countries move ahead with deeper union on certain policies, while
others opt out. Although this flexible approach has worked in the past,
including for the establishment of the eurozone itself, there are reasons to
believe it may be less tenable today as the EU moves toward an unprecedentedly
close economic, fiscal, and political union. Flexible, à la carte approaches
will not by themselves resolve the tensions between the countries committed to
deepening their union and those refusing to take part’.
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