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Currencies After the Crash: The Uncertain Future of the Global Paper-Based Currency System by Sara Eisen

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CHAPTER 5

THE FUTURE OF THE EUROZONE: AN AMICABLE DIVORCE IS BETTER THAN AN UNHAPPY MARRIAGE

MEGAN GREENE

“The one currency is irreversible.”

—Mario Draghi, December 2011

A number of myths surround the euro crisis, the most common of which is that the best outcome for all involved would be for the eurozone (the countries that use the euro common currency and the European Central Bank) to stay together in its current formation. It is difficult for analysts and policy makers to contemplate the practicalities of the eurozone’s actually breaking up. After all, the common currency was never a purely financial arrangement—it was part of the broader political project to prevent a return to war in Europe as well.

Even partially dismantling the eurozone ...

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