EU suffers from several constraints the US does not: it has no federal taxing powers, a very limited budget for cross-border lending, subsidies and bailouts, a central bank that explicitly prohibits crisis lending to commercial banks, a “Growth and Stability Pact” that, on paper at least, penalizes fiscal deficits over 3% of GDP, and, finally, a bloody-minded bias against allowing non-eurozone countries to use the euro, let alone officially adopt it.
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