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Two-tier euro would be a paper exercise and won't solve crisis

Since its inception, the euro has been embroiled in one financial crisis after another, from the collapse of the exchange rate mechanism in 1992 to the current ongoing sovereign and banks crises.

In between these big events there was a decade of serial mismanagement of the monetary policy and political capture of the currency. The depth and the duration of the current crisis have startled all policymakers within the EU. This should not have been the case were they to pay attention to the realities of European project. You see, Europe has a mosaic of states with a number of different, if often overlapping, problems.

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