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How to keep the euro on the road

The eurozone was launched on a wing and a prayer. The wing has fallen off and the deities are not listening to prayers. Everyone focuses on averting a crash. But it is as vital to ask how to fly securely. How, then, did the eurozone fall into its plight? A part of the answer is that it lacked mechanisms for handling crises, that its members have diverged hugely and that it was blighted by its early successes.

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