Policy centralisation key to future of Eurozone, says Goldman’s O’Neill

Throughout the sovereign debt crisis in the Eurozone, which has dominated the headlines in 2010 and is set to do so again next year, a number of economists have suggested the currency zone is doomed to fail without fiscal union between members.

That would be the nuclear option for many countries, fearing they would lose influence over their own affairs as a result. But right or wrong, this may now be the route Germany favours, as it seeks to avoid weakening its own position of fiscal strength by