"Euro remains on the right side of history" Tommaso Padoa-Schioppa, Financial Times 13 May 2010
Article published in Financial Times on 13 May 2010.
Over many months, a mighty army has advanced on the citadel of the European currency with the cry: "It will never work!" The army was quick and single-minded, the citadel slow and divided. The besiegers were thousands, steeled by convictions all the more fervent for their extreme simplicity. Their reasoning was as follows: the euro area is not a political union and can never become one, becaue Europeans have no appetite for it and nation-states wxill not relinquish power. Thje citadel, therefore, is doomed to capitulate and its stubborn resistance merely serves to create profit opportunites for astute traders...
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