The European exchange rate arrangement of the 1970s was termed 'the snake', but the European Union, as Woody Allen might have said, has something of the shark about it. It will apparently die if it stops moving forward.
Certainly the single currency was the most ambitious project ever launched by the EU. It was ostensibly about guaranteeing the single market, since large currency fluctuations can trigger protectionist pressures. But other options, including the current fiscal...
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