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The virus and the euro

What effect will the health emergency have on Europe’s monetary union?

By Paul Wallace  

Merkel and Macron in January. Photo: Carsten Koall/DPA/PA Images

The coronavirus pandemic is a lethal stress test for more than health services, ruthlessly exposing economic vulnerabilities as well. No surprise then that in Europe, now the epicentre of the global epidemic, the still fragile currency union at its core has been under renewed pressure. But is Europe ready to do “whatever it takes” again to ensure that the euro survives its latest ordeal?

A striking feature of the pandemic is that the two countries worst affected are currently…

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