Daniel Gros: The threat that will save Europe

Daniel Gros

For the European Union, 2015 was another year of fundamental challenges. Two key elements of European integration - the euro and border-free travel within the Schengen Area - were placed under severe strain. And neither is in the clear. Nonetheless, one development in 2015 offers reason to hope that European Union (EU) leaders will move beyond "muddling through" to implement bolder solutions in 2016: The threat of expulsion gained credibility. The global economic crisis that began in 2008 exposed the deep flaws in Europe's monetary union, though it took the near-death ...