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A currency punching below its weight

Why the euro cannot realistically rival the dollar 

By Paul Wallace  

Photo: NurPhoto/SIPA USA/PA Images

The Brussels eurocrats should know better. Ahead of the tenth anniversary of the euro, born at the start of 1999, the European Commission celebrated the single currency’s “resounding success.” The monetary union was “an achievement of strategic importance” for the world at large by making Europe “a pole of macroeconomic stability.” The ensuing euro crisis brutally exposed the hollowness of these claims as the currency bloc nearly fell apart as well as weakening the global economy.

Undaunted, a decade later as the 20th anniversary approached, Jean-Claude Juncker set…

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