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The future of the euro: when summits solve nothing
Before last week's summit in Brussels turned into a crisis of the European Union, it was meant to resolve the crisis of the euro. How did it score on that primary task? The answer is: badly. What emerged from Brussels is an agreement that failed to fix the structural flaws that threaten to destroy the euro. Indeed, in many cases, the accord may make those flaws worse. The best that can now be hoped is that the European Central Bank will paper over the cracks, holding things in place till next March's summitry. The worst that can be realistically imagined remains dire. And using a veto certainly won't protect David ... (full story)
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