Germany has been criticised for proposing punitive governance in the euro zone that could see rule-breaking countries lose EU funds or voting rights.

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Though winning their right to self-rule in the zone set up after the Gulf war of 1991, the Kurds had to compromise too.

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Among other things, she did not rule out the imposition of a no-fly zone over Syria.

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So, to be an optimal currency area it is necessary that interest rates, as determined by the Taylor Rule, are desirably the same in all areas of that currency zone.

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If the SEC decides to move ahead with the rule, it will create new enemies and enter a political minefield outside of its comfort zone.

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The chancellor also appeared to rule out proposals suggesting Germany should act to curb its trade surpluses with other euro-zone economies as a way to address the big financial imbalances inside the currency area.

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Another big task is meeting European Union worries about the rule of law, which are holding up Romania's accession to the Schengen passport-free travel zone.

ECONOMIST: Romanian politics