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“It sounds far-fetched, I know,” I wrote in this column in December 2007. “But the ultimate victim of this sub-prime crisis could be nothing less than the single currency’s existence”.

Reading it today, the above statement seems pretty reasonable. Many mainstream analysts now recognize the huge stresses imposed by the on-going credit crunch could yet see monetary union break up, with at least one country leaving. To argue otherwise, certainly in Anglo-Saxon company, is to risk appearing in denial.
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