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Any moves toward a fiscal union among the eurozone countries as a solution to the region’s ongoing debt crisis will only create an even worse political crisis, a veteran British journalist said at a recent seminar in Tokyo.

“A European fiscal union that many people seem to think is inevitable … implies a European government and a European Parliament with real teeth … and now you’re talking about a United States of Europe,” said Ambrose Evans-Pritchard, international business editor of The Daily Telegraph. “This is an enormous step for the historic nation-states in Europe, and there is no popular consent to such a move.”

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