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The bank that nearly broke Europe

The single currency's design isn't perfect. But what's really hampered its first 20 years, says Adam Tooze, are decisions freely taken by power-hungry men in Frankfurt

By Adam Tooze   September 2018

In the two decades that the euro has been around it has been branded as hopelessly and inherently flawed, a failure, and a tragedy for Europe. Its critics have blamed it for many things—from soup kitchens in Athens, to wild gyrations in the markets, and the arrival of angry populists in Rome.

Yet for all the charges, Europe’s single currency, and the European Central Bank (ECB) which…

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