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Emu’s bite

Just as Europe's leaders start to deal with the fallout of the constitution's failure, another crisis is around the corner - Europe's economies are in crisis, and the euro is aggravating the problem

By Derek Scott   August 2005

One big EU project—the constitution—has just hit the buffers, or at least been parked for a time in the siding, and another is now under threat. Voters in France and Holland were angry with the established political class and this hostile climate was infected by economic malaise, but putting Europe’s economies to right is itself made more difficult by economic and monetary union (Emu). As the economic consequences of Emu bite harder, EU bigwigs had better get ready for further crises: bad economics make for bad politics.

The first thing to recognise is that the poor performance of the “core”…

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