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Graffiti depicting Mario Draghi and Angela Merkel outside the European Central Bank in Frankfurt—Draghi said he “would do whatever it takes to defend the euro”© Bloomberg via Getty Images

Until the eruption of the sovereign debt crisis in 2010, it looked as if the project of European integration, begun in the years following the Second World War, had succeeded. France and Germany were reconciled. Southern and Eastern Europe, long in the grip of local dictators or Soviet domination, were brought into the democratic fold. Above all, the German problem appeared…

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