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The illuminated euro sign is seen in front of the headquarters of the European Central Bank.
The illuminated euro sign is seen in front of the headquarters of the European Central Bank.
(KAI PFAFFENBACH/REUTERS)

CLÉMENT GIGNAC

The Canadian model: How euro zone can find more economic stability

Europe has been going through a few rough years recently, with a double-dip recession and an unemployment rate that seems to be sticking at a record high of about 12 per cent. Of course, the recession lingering since 2008 has many causes and dimensions, but now that the dust has (mostly) settled, it is becoming evident that the European economic and monetary union has a fundamental design flaw that most likely made the pain much worse than anywhere else in the developed world: A monetary union should be accompanied by a fiscal union.