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The EU had a bad start to the financial crisis, thanks to go-it-alone Ireland, but has since provided pro-Europeans with something to cheer about. Just not Charlie McCreevy

By Manneken Pis   November 2008

Was the crisis good for the EU?

There is a popular theory in Brussels that a crisis is good for the EU because only seismic events prompt decisive steps in the bloc’s integration. That notion is being tested by the whirlwind sweeping through the economy—and the initial signs were not promising for the pro-Europeans. When the crisis struck in the US, the initial European reaction was inaction. That was followed by panic and a lack of co-ordination as governments scrambled to shore up national systems.

Ireland’s decision to guarantee deposits in its own banks provoked ill-disguised fury, managing the rare…

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