The Opportunity and Danger of a “Multi-speed Europe”

A new consensus seems to be emerging around the idea of “multi-speed” Europe. The idea has a long history and is to some extent already a reality within the European Union.

From Crisis to Collapse

Recent events in Cyprus have again silenced the optimists. The latest in Europe’s cycle of serial crises could by some estimates cause the Cypriot economy alone to shrink by as much as 15 percent this year.