[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.84,0:00:04.06,Default,,0000,0000,0000,,The European Debt Crisis -- Visualized
Dialogue: 0,0:00:06.34,0:00:08.71,Default,,0000,0000,0000,,What is the European Debt Crisis ?
Dialogue: 0,0:00:09.44,0:00:11.37,Default,,0000,0000,0000,,It's the failure of the Euro.
Dialogue: 0,0:00:11.84,0:00:17.24,Default,,0000,0000,0000,,The currency that ties together 17 European countries in an intimate but flawed manner.
Dialogue: 0,0:00:17.40,0:00:19.10,Default,,0000,0000,0000,,Over the past three years,
Dialogue: 0,0:00:19.36,0:00:21.92,Default,,0000,0000,0000,,Greece, Portugal, \NIreland, Italy and Spain.
Dialogue: 0,0:00:22.21,0:00:25.04,Default,,0000,0000,0000,,have all teetered on the brink of\Nfinancial collapse
Dialogue: 0,0:00:25.30,0:00:28.00,Default,,0000,0000,0000,,threatening to bring down the entire continent
Dialogue: 0,0:00:28.26,0:00:30.38,Default,,0000,0000,0000,,and the rest of the world.
Dialogue: 0,0:00:30.60,0:00:32.37,Default,,0000,0000,0000,,How did it happened ?
Dialogue: 0,0:00:34.19,0:00:34.81,Default,,0000,0000,0000,,Uniting Europe
Dialogue: 0,0:00:36.63,0:00:37.73,Default,,0000,0000,0000,,For most of Europe's history,
Dialogue: 0,0:00:38.48,0:00:39.24,Default,,0000,0000,0000,,it's been a war with itself.
Dialogue: 0,0:00:44.21,0:00:45.12,Default,,0000,0000,0000,,And countries at war with each other
Dialogue: 0,0:00:45.86,0:00:47.12,Default,,0000,0000,0000,,tend to do less business together.
Dialogue: 0,0:00:48.32,0:00:52.81,Default,,0000,0000,0000,,Europe ishas always been a continent of trade barriers,\Ntariffs and different currencies.
Dialogue: 0,0:00:53.62,0:00:55.08,Default,,0000,0000,0000,,Doing business across borders\Nwas difficult.
Dialogue: 0,0:00:57.68,0:00:59.96,Default,,0000,0000,0000,,You needed to pay a fee\Nto exchange currencies.
Dialogue: 0,0:01:02.93,0:01:07.02,Default,,0000,0000,0000,,And you needed to pay a tariff fee\Nto buy and sell to companies in other countries.
Dialogue: 0,0:01:08.98,0:01:10.94,Default,,0000,0000,0000,,That tended to stifle economic growth.
Dialogue: 0,0:01:13.48,0:01:14.74,Default,,0000,0000,0000,,Then came World War II,
Dialogue: 0,0:01:16.01,0:01:17.01,Default,,0000,0000,0000,,which devastated Europe.
Dialogue: 0,0:01:19.10,0:01:20.93,Default,,0000,0000,0000,,Because the situation was so dire,
Dialogue: 0,0:01:21.73,0:01:25.66,Default,,0000,0000,0000,,the fastest way to rebuild Europe\Nwas to begin to remove these barriers.
Dialogue: 0,0:01:27.02,0:01:28.55,Default,,0000,0000,0000,,Steel and coal tariffs came down
Dialogue: 0,0:01:29.54,0:01:33.07,Default,,0000,0000,0000,,so that a steel mill in one country\Ncould sell to a builder in another.
Dialogue: 0,0:01:39.16,0:01:40.56,Default,,0000,0000,0000,,This gave the survivors an idea.
Dialogue: 0,0:01:41.90,0:01:44.35,Default,,0000,0000,0000,,A unified Europe,\Na union across the continent
Dialogue: 0,0:01:44.95,0:01:46.41,Default,,0000,0000,0000,,that will end future wars.
Dialogue: 0,0:01:47.72,0:01:49.39,Default,,0000,0000,0000,,Countries began to band together\Ntoward this goal,
Dialogue: 0,0:01:50.29,0:01:53.58,Default,,0000,0000,0000,,bringing down trade barriers,\Nlowering the cost of doing business.
Dialogue: 0,0:01:55.03,0:01:58.97,Default,,0000,0000,0000,,One of the last barriers to fall\Nwas the Berlin Wall.
Dialogue: 0,0:01:59.51,0:02:01.64,Default,,0000,0000,0000,,With the united Germany, Europe was ready.
Dialogue: 0,0:02:02.54,0:02:04.77,Default,,0000,0000,0000,,27 countries signed the Maastricht Treaty
Dialogue: 0,0:02:05.37,0:02:06.86,Default,,0000,0000,0000,,and created the European Union.
Dialogue: 0,0:02:08.18,0:02:10.63,Default,,0000,0000,0000,,This made doing business\Nacross borders easier,
Dialogue: 0,0:02:11.79,0:02:15.18,Default,,0000,0000,0000,,but there is one major obstacle:\Nthe different currencies.
Dialogue: 0,0:02:16.20,0:02:18.23,Default,,0000,0000,0000,,A decade later, they had one.
Dialogue: 0,0:02:19.34,0:02:22.63,Default,,0000,0000,0000,,The Euro, launched on January 1,1999.
Dialogue: 0,0:02:23.47,0:02:26.14,Default,,0000,0000,0000,,Countries adopting the euro,\Ncalled the euro area,
Dialogue: 0,0:02:26.72,0:02:28.16,Default,,0000,0000,0000,,discontinued their own currencies.
Dialogue: 0,0:02:29.03,0:02:31.05,Default,,0000,0000,0000,,They also discontinued\Ntheir own monetary policies,
Dialogue: 0,0:02:31.98,0:02:35.11,Default,,0000,0000,0000,,giving control to newly formed\NEuropean Central Bank,
Dialogue: 0,0:02:35.91,0:02:37.91,Default,,0000,0000,0000,,commonly referred to as the ECB.
Dialogue: 0,0:02:38.61,0:02:42.13,Default,,0000,0000,0000,,The euro area now have\None unified monetary policy,
Dialogue: 0,0:02:42.69,0:02:44.97,Default,,0000,0000,0000,,but it still have many\Ndifferent fiscal policies,
Dialogue: 0,0:02:46.04,0:02:48.51,Default,,0000,0000,0000,,a key reason for the current debt crisis.
Dialogue: 0,0:02:50.39,0:02:52.89,Default,,0000,0000,0000,,Monetary policy versus Fiscal policy
Dialogue: 0,0:02:53.74,0:02:56.31,Default,,0000,0000,0000,,You see it's important to understand\Nthe difference between
Dialogue: 0,0:02:56.86,0:02:58.29,Default,,0000,0000,0000,,monetary policy and fiscal policy.
Dialogue: 0,0:02:59.83,0:03:01.93,Default,,0000,0000,0000,,Monetary policy controls the money supply,
Dialogue: 0,0:03:02.59,0:03:05.22,Default,,0000,0000,0000,,literally how much money there is\Nin the economy,
Dialogue: 0,0:03:05.56,0:03:07.78,Default,,0000,0000,0000,,and what the interest are\Nfor borrowing money.
Dialogue: 0,0:03:08.51,0:03:12.21,Default,,0000,0000,0000,,Fiscal policy controls how much money\Na government collects in taxes,
Dialogue: 0,0:03:13.15,0:03:13.84,Default,,0000,0000,0000,,and how much it spends.
Dialogue: 0,0:03:16.19,0:03:19.33,Default,,0000,0000,0000,,A government can only spend\Nas much as it collects in taxes.
Dialogue: 0,0:03:20.05,0:03:22.15,Default,,0000,0000,0000,,Anything above that amount\Nit has to borrow.
Dialogue: 0,0:03:23.21,0:03:25.49,Default,,0000,0000,0000,,This is called "Deficit Spending".
Dialogue: 0,0:03:25.85,0:03:27.52,Default,,0000,0000,0000,,Before the euro,
Dialogue: 0,0:03:28.02,0:03:31.19,Default,,0000,0000,0000,,countries like Greece, not only had to\Npay high interest rates to borrow,
Dialogue: 0,0:03:32.02,0:03:33.36,Default,,0000,0000,0000,,but they can only borrow so much.
Dialogue: 0,0:03:34.12,0:03:36.45,Default,,0000,0000,0000,,Lenders weren't comfortable\Nlending them to much money.
Dialogue: 0,0:03:37.31,0:03:41.27,Default,,0000,0000,0000,,But now that they were part of\Nthe euro area new united monetary policy,
Dialogue: 0,0:03:41.81,0:03:43.98,Default,,0000,0000,0000,,the amount they can borrow skyrocketed.
Dialogue: 0,0:03:45.09,0:03:48.55,Default,,0000,0000,0000,,Smaller countries suddenly\Nhave access to credit like never before.
Dialogue: 0,0:03:49.33,0:03:50.55,Default,,0000,0000,0000,,Greece and other countries
Dialogue: 0,0:03:50.83,0:03:53.71,Default,,0000,0000,0000,,which previously could only borrowed\Nat rates around 18%,
Dialogue: 0,0:03:54.72,0:03:56.91,Default,,0000,0000,0000,,could now borrow for\Nthe same low rate as Germany.
Dialogue: 0,0:03:58.44,0:03:59.78,Default,,0000,0000,0000,,How?
Dialogue: 0,0:04:02.24,0:04:03.93,Default,,0000,0000,0000,,Germany's credit card.
Dialogue: 0,0:04:05.59,0:04:06.66,Default,,0000,0000,0000,,You see, joining the euro area
Dialogue: 0,0:04:07.90,0:04:11.49,Default,,0000,0000,0000,,is a lot like sharing a credit card,\NGermany's credit card.
Dialogue: 0,0:04:14.32,0:04:17.65,Default,,0000,0000,0000,,Lenders now believe that if Greece\Nwas unable to repay its loans,
Dialogue: 0,0:04:18.44,0:04:20.48,Default,,0000,0000,0000,,Germany and the other \Nbigger economies of Europe
Dialogue: 0,0:04:20.88,0:04:22.07,Default,,0000,0000,0000,,will stepped in and repay them.
Dialogue: 0,0:04:22.70,0:04:24.26,Default,,0000,0000,0000,,Because they were now bond by\Na common currency.
Dialogue: 0,0:04:25.36,0:04:26.86,Default,,0000,0000,0000,,With the new abundance of cheap credit,
Dialogue: 0,0:04:27.39,0:04:31.22,Default,,0000,0000,0000,,Greece and other European countries\Nwere able to adjust their fiscal policies,
Dialogue: 0,0:04:31.72,0:04:35.24,Default,,0000,0000,0000,,and increase spending\Nto previously impossible levels.
Dialogue: 0,0:04:35.72,0:04:38.87,Default,,0000,0000,0000,,Some countries embarked on\Nhuge deficit spending programs,
Dialogue: 0,0:04:39.54,0:04:41.69,Default,,0000,0000,0000,,primarily for politicians to get elected.
Dialogue: 0,0:04:42.33,0:04:46.29,Default,,0000,0000,0000,,They made promises such as\Nmore jobs and generous pensions,
Dialogue: 0,0:04:46.92,0:04:49.89,Default,,0000,0000,0000,,all that paid for with the new money\Nthey could now borrow.
Dialogue: 0,0:04:50.92,0:04:55.40,Default,,0000,0000,0000,,The government of Greece, Portugal,\Nand Italy accumulated huge debt,
Dialogue: 0,0:04:56.17,0:04:59.90,Default,,0000,0000,0000,,however, they were able to repay\Nthese debts with more borrowed money.
Dialogue: 0,0:05:03.96,0:05:06.78,Default,,0000,0000,0000,,As long as the borrowing continued,\Nso did the spending,
Dialogue: 0,0:05:07.30,0:05:09.30,Default,,0000,0000,0000,,and the unbalanced fiscal policies.
Dialogue: 0,0:05:13.01,0:05:16.81,Default,,0000,0000,0000,,In Ireland and Spain, cheap credit fueled\Nenormous housing bubbles
Dialogue: 0,0:05:17.57,0:05:19.00,Default,,0000,0000,0000,,just as it did in the United States.
Dialogue: 0,0:05:20.33,0:05:25.41,Default,,0000,0000,0000,,Credit flowed, debt accumulated,\Nand the economies in Europe became tightly intertwined.
Dialogue: 0,0:05:26.52,0:05:29.51,Default,,0000,0000,0000,,Companies began opening factories\Nand offices across Europe.
Dialogue: 0,0:05:30.32,0:05:34.77,Default,,0000,0000,0000,,German banks lending to French companies,\NFrench banks lending to Spanish companies
Dialogue: 0,0:05:35.36,0:05:39.82,Default,,0000,0000,0000,,and so on and so forth. This made\Ndoing business incredibly efficient,
Dialogue: 0,0:05:40.29,0:05:44.45,Default,,0000,0000,0000,,while at the same time tying together\Nthe collective fate of the Euro area.
Dialogue: 0,0:05:45.32,0:05:49.51,Default,,0000,0000,0000,,Things continue this way as long as\Ncredit was available and credit was available
Dialogue: 0,0:05:50.01,0:05:51.13,Default,,0000,0000,0000,,until 2008.
Dialogue: 0,0:05:52.01,0:05:54.44,Default,,0000,0000,0000,,Spurred by a collapse\Nin the US housing market,
Dialogue: 0,0:05:54.76,0:05:59.79,Default,,0000,0000,0000,,a credit crisis swept the globe\Nbringing borrowing to a halt. Everywhere.
Dialogue: 0,0:06:00.19,0:06:02.02,Default,,0000,0000,0000,,Suddenly the Greek economy\Ncouldn't function.
Dialogue: 0,0:06:06.62,0:06:10.37,Default,,0000,0000,0000,,It couldn't borrow money to pay for\Nall the new jobs and benefits it created.
Dialogue: 0,0:06:11.47,0:06:14.59,Default,,0000,0000,0000,,It couldn't borrow the new money it needed\Nto pay its all debts.
Dialogue: 0,0:06:15.25,0:06:16.79,Default,,0000,0000,0000,,This was a problem for Greece
Dialogue: 0,0:06:17.16,0:06:18.83,Default,,0000,0000,0000,,but because of the unified\Nmonetary policy,
Dialogue: 0,0:06:19.36,0:06:21.76,Default,,0000,0000,0000,,it was also a problem for all of Europe
Dialogue: 0,0:06:22.55,0:06:24.68,Default,,0000,0000,0000,,Much of Europe have been on\Na spending spree
Dialogue: 0,0:06:25.11,0:06:28.04,Default,,0000,0000,0000,,and borrowed more money\Nthan it could ever repay.
Dialogue: 0,0:06:28.51,0:06:32.04,Default,,0000,0000,0000,,but the problem is\Nsomebody has to pick up the tab
Dialogue: 0,0:06:32.43,0:06:35.52,Default,,0000,0000,0000,,or else every country\Nin the euro area will suffer.
Dialogue: 0,0:06:36.06,0:06:38.76,Default,,0000,0000,0000,,Since the countries that\Nran up the bill couldn't repay
Dialogue: 0,0:06:39.36,0:06:40.64,Default,,0000,0000,0000,,everyone looked to Germany.
Dialogue: 0,0:06:42.95,0:06:43.91,Default,,0000,0000,0000,,Austerity Measures
Dialogue: 0,0:06:46.18,0:06:48.21,Default,,0000,0000,0000,,As the biggest and strongest economy\Nin Europe
Dialogue: 0,0:06:48.88,0:06:52.26,Default,,0000,0000,0000,,Germany reluctantly agreed\Nto help bail out the debtor countries.
Dialogue: 0,0:06:53.03,0:06:55.57,Default,,0000,0000,0000,,In other words,\NGermany agreed to repay the bill
Dialogue: 0,0:06:56.12,0:07:00.05,Default,,0000,0000,0000,,but only if the debtor countries agreed\Nto implement strict austerity measures
Dialogue: 0,0:07:00.52,0:07:02.32,Default,,0000,0000,0000,,to ensure that\Nit would never happen again.
Dialogue: 0,0:07:02.91,0:07:04.60,Default,,0000,0000,0000,,Austerity measures meant sucking it up,
Dialogue: 0,0:07:05.31,0:07:10.71,Default,,0000,0000,0000,,cutting spending, borrowing less\Nand paying back more debt.
Dialogue: 0,0:07:11.23,0:07:14.82,Default,,0000,0000,0000,,This sounds like a simple solution, right?\NIt's not.
Dialogue: 0,0:07:15.39,0:07:17.74,Default,,0000,0000,0000,,First of all, nobody wants austerity.
Dialogue: 0,0:07:18.34,0:07:20.20,Default,,0000,0000,0000,,Austerity means\Ncutting government spending
Dialogue: 0,0:07:20.84,0:07:24.53,Default,,0000,0000,0000,,and since the government is by far\Nthe biggest spender in the economy
Dialogue: 0,0:07:25.02,0:07:28.93,Default,,0000,0000,0000,,when the government cut spending, it cuts\Nthe earnings of many of its citizens.
Dialogue: 0,0:07:29.36,0:07:33.18,Default,,0000,0000,0000,,People lose jobs, they get angry,\Nthey riot in the streets.
Dialogue: 0,0:07:33.94,0:07:37.64,Default,,0000,0000,0000,,And austerity also doesn't automatically\Nbalance a country's budget.
Dialogue: 0,0:07:38.11,0:07:41.28,Default,,0000,0000,0000,,You see, the government collects taxes\Nbased on people's earnings.
Dialogue: 0,0:07:46.44,0:07:50.70,Default,,0000,0000,0000,,So when earnings are reduced,\Nthe government collects lesser taxes.
Dialogue: 0,0:07:51.96,0:07:53.53,Default,,0000,0000,0000,,They still can't pay down their debts.
Dialogue: 0,0:07:54.09,0:07:57.96,Default,,0000,0000,0000,,The pain is so bad that it's almost\Npolitically impossible to accomplish.
Dialogue: 0,0:07:58.95,0:08:03.27,Default,,0000,0000,0000,,On top of that there are huge cultural\Ndifferences within the Euro area.
Dialogue: 0,0:08:04.88,0:08:07.06,Default,,0000,0000,0000,,Extreme Cultural Differences
Dialogue: 0,0:08:17.52,0:08:20.28,Default,,0000,0000,0000,,Germany is very financially responsible.
Dialogue: 0,0:08:23.31,0:08:27.34,Default,,0000,0000,0000,,Ever since the terrible hyper-inflation\Nthe country experienced after World War I
Dialogue: 0,0:08:27.77,0:08:29.60,Default,,0000,0000,0000,,it's been extremely inflation averse
Dialogue: 0,0:08:30.05,0:08:32.52,Default,,0000,0000,0000,,and incredibly careful about\Nspending and borrowing.
Dialogue: 0,0:08:33.30,0:08:35.01,Default,,0000,0000,0000,,In general, Germans work hard,
Dialogue: 0,0:08:36.18,0:08:37.84,Default,,0000,0000,0000,,expect little\Nin the line of state benefits
Dialogue: 0,0:08:41.47,0:08:43.57,Default,,0000,0000,0000,,and meticulously pay all of their taxes.
Dialogue: 0,0:08:48.09,0:08:53.25,Default,,0000,0000,0000,,Many Greeks, on the other hand,\Nenjoy generous state benefits and don't pay taxes.
Dialogue: 0,0:08:56.25,0:09:02.37,Default,,0000,0000,0000,,Greece has a terrible problem, it has never collected\Nthe majority of the taxes it imposes on its citizens
Dialogue: 0,0:09:03.09,0:09:04.77,Default,,0000,0000,0000,,and its always been this way.
Dialogue: 0,0:09:06.98,0:09:08.71,Default,,0000,0000,0000,,Joining the Euro just amplified it.
Dialogue: 0,0:09:11.08,0:09:13.01,Default,,0000,0000,0000,,The German view is that doesn't work.
Dialogue: 0,0:09:13.66,0:09:16.20,Default,,0000,0000,0000,,If you want our money,\Nyou need our morals.
Dialogue: 0,0:09:18.46,0:09:20.62,Default,,0000,0000,0000,,As the debtor countries\Nheaded towards default
Dialogue: 0,0:09:21.38,0:09:23.52,Default,,0000,0000,0000,,the whole continent of Europe\Nwas in danger.
Dialogue: 0,0:09:24.12,0:09:27.02,Default,,0000,0000,0000,,Even though the economies of\Nthe debtor countries are relatively small,
Dialogue: 0,0:09:28.11,0:09:29.43,Default,,0000,0000,0000,,they posed a huge threat
Dialogue: 0,0:09:29.74,0:09:35.37,Default,,0000,0000,0000,,because the European financial system\Nis so interconnected precisely because of the Euro
Dialogue: 0,0:09:36.13,0:09:41.65,Default,,0000,0000,0000,,Remember, the debtor countries borrowed money from banks, investors, and other governments throughout Europe,
Dialogue: 0,0:09:42.25,0:09:44.32,Default,,0000,0000,0000,,as the debtor countries\Nget closer to default
Dialogue: 0,0:09:44.78,0:09:46.98,Default,,0000,0000,0000,,everyone who lent them money\Nbecomes weaker
Dialogue: 0,0:09:47.34,0:09:50.70,Default,,0000,0000,0000,,and everyone who lent those lenders money\Nalso becomes weaker,
Dialogue: 0,0:09:50.99,0:09:53.67,Default,,0000,0000,0000,,and so on and so forth.
Dialogue: 0,0:09:57.32,0:10:01.07,Default,,0000,0000,0000,,A problem in one country could reverberate\Nacross the whole continent,
Dialogue: 0,0:10:01.48,0:10:03.57,Default,,0000,0000,0000,,triggering a chain-reaction of default.
Dialogue: 0,0:10:04.00,0:10:06.33,Default,,0000,0000,0000,,If Greece defaults\Nthen Spain could default,
Dialogue: 0,0:10:06.96,0:10:09.83,Default,,0000,0000,0000,,Italy, Portugal,\Nand Ireland would be next,
Dialogue: 0,0:10:10.21,0:10:12.06,Default,,0000,0000,0000,,then France, then Germany
Dialogue: 0,0:10:12.42,0:10:16.85,Default,,0000,0000,0000,,pretty soon it could spread not just\Nacross Europe but across the world.
Dialogue: 0,0:10:17.90,0:10:20.30,Default,,0000,0000,0000,,Fiscal Union or Breakup
Dialogue: 0,0:10:22.13,0:10:26.16,Default,,0000,0000,0000,,The problem is even if the debtor nations\Nadopt austerity measures
Dialogue: 0,0:10:26.99,0:10:33.34,Default,,0000,0000,0000,,and even if the bailout from Germany in the stronger countries helps them pay down their debts and avoid the immediate crisis
Dialogue: 0,0:10:36.44,0:10:39.81,Default,,0000,0000,0000,,There's no system in place\Nto prevent this from happening again.
Dialogue: 0,0:10:44.72,0:10:49.94,Default,,0000,0000,0000,,This brings us back to that fundamental division\Nof monetary policy and fiscal policy.
Dialogue: 0,0:10:50.59,0:10:55.37,Default,,0000,0000,0000,,Ultimately, the euro area requires a\Nfiscal union to match its monetary union,
Dialogue: 0,0:10:55.97,0:10:56.50,Default,,0000,0000,0000,,or neither.
Dialogue: 0,0:10:57.81,0:11:05.52,Default,,0000,0000,0000,,That is, there must be a political organization with authority to set fiscal policy within every Euro area country.
Dialogue: 0,0:11:05.89,0:11:12.24,Default,,0000,0000,0000,,It must have the power to cut spending,\Nraise taxes and set laws.
Dialogue: 0,0:11:13.41,0:11:17.99,Default,,0000,0000,0000,,A fiscal union like this could actually\Nprevent excessive borrowing and spending.
Dialogue: 0,0:11:23.12,0:11:27.52,Default,,0000,0000,0000,,However, this is an enormously complicated\Nand unpopular notion.
Dialogue: 0,0:11:30.84,0:11:33.84,Default,,0000,0000,0000,,It means surrendering sovereignty\Nto a higher power,
Dialogue: 0,0:11:35.44,0:11:38.29,Default,,0000,0000,0000,,in essence, a United States of Europe
Dialogue: 0,0:11:39.59,0:11:41.99,Default,,0000,0000,0000,,Yet without a centralized fiscal union
Dialogue: 0,0:11:42.40,0:11:46.02,Default,,0000,0000,0000,,countries will continue to\Nrun deficits, accumulate debt,
Dialogue: 0,0:11:48.66,0:11:52.77,Default,,0000,0000,0000,,degrade the value of the Euro\Nand threatens stability in Europe.
Dialogue: 0,0:11:55.69,0:12:01.19,Default,,0000,0000,0000,,Can Europe take the necessary steps and create a fiscal union alongside the monetary union?
Dialogue: 0,0:12:02.31,0:12:06.93,Default,,0000,0000,0000,,Or will the monetary union breakup and\Nthe Euro disappear?