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Forget euro breakup—think euro mutation

Posted on 20 November 2012

European policy makers are working hard to preserve the Continent’s monetary union in its present form. But if these efforts come to nothing, a euro breakup is hardly the most likely outcome. A mutation of the existing monetary arrangement, involving the emergence of parallel currencies to the euro, seems to me likelier than its wholesale disappearance.
When the euro was created, most economists believed the euro zone did not satisfy the conditions for a viable currency area, to say nothing of an “optimum” one. Yet the European monetary union worked quite well for almost a decade………………………………………..Full Article: Source


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