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| Author: | Connolly, B. Whittaker, J. |
| Title: | What will happen to the euro? |
| Journal: | Economic Affairs
2003 : MAR VOL. 23:1, p. 49-54 |
| Index terms: | Euro European Monetary System European Union National debt |
| Language: | eng |
| Abstract: | The Stability Pact - inteded to make EMU governments run prudent budgets - is losing its credibility. What will happen if national debts start to rise again and some governments then have difficulty borrowing? This paper suggests that there will be calls for bailout, that the EU's political structures will not cope well with the resulting arguments over which countries will pay, and that the eventual and painful result will be a return to the principle that currencies and political areas coincide. |
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