Ireland bailout reignites fears about the future of the euro

Turning the eurozone into a larger Germany, says Philip Whyte with the Centre for European Reform in London, could have adverse consequences - not only for the country itself but also for Europe and even the rest of the world. He maintains that "a more German eurozone" would be afflicted by chronically weak demand, debilitating cycles of competitive wage cuts and prolonged economic slumps in the deficit countries. Like many others, Whyte agrees the time has come to make some tough decisions. "The genius of the European Union has been to muddle its way through ... I don't think that muddling is an option this time."