Changing horses midstream is generally a risky proposition. Trying to do so in the midst of the eurozone debt crisis, where the economic and political stakes could not be higher, could prove especially hazardous. It will be even more so if careful thought is not given to the ramifications of the partial debt restructuring proposals that are now being happily bandied about.

Vá Klaus, prime minister of the Czech Republic, returned to AEI on September 30 to deliver a luncheon address on the prospects for a single European currency.

In September 1996, the New Atlantic Initiative convened a panel of three leading economic observers to discuss the EU's efforts to adopt a single currency.

The nations of Western Europe have been forging ever closer bonds through new institutions, most notably a European parliament, a common market, and a joint security force.

Experts examine transatlantic trade, welfare, tax competition, and economic issues in the United States and Europe.

The changing character of the European Union, asattention turns to political integration,should cause concern for U.S. interests andtransatlantic relations.

The European Monetary Union is too small to realize benefits;a largely voluntary, decentralized arrangement covering more of the world's trade would be a much more desirable outcome.