European officials released a plan to fix deep flaws in the eurozone’s makeup that would see its members sacrifice more of their national sovereignty for the economic good of the entire currency bloc.The plan released on Sunday envisions its more ambitious measures, such as a shared budget for the eurozone, possibly taking 10 years to come into effect, reflecting the political obstacles that now stand in the way of drawing the eurozone’s 19 disparate nations more closely together.
Despite those hurdles, senior European officials who have pushed for the plan say fundamental changes to the eurozone are needed to prevent a repeat of the bloc’s debt crisis—which was caused in large part by wages and prices in the southern eurozone rising much faster than they did in the north, mainly Germany.
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