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The euro has failed because the Germans used it to take away the competitive edge that the mediterranean economies had when their currencies were weak. The imposition of the Euro meant that costs to european manufacturing would rise thus keeping German products competitive. the whole thing has backfired because the failed nations cannot use their currencies to help them to produce at lower prices. Nor can they use interest rates to control demand in the housing markets and other inflationary pressures. So the germans have now got a bloody nose and deservedly so.
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