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What Hollande must tell Germany - FT.com

Martin Wolf:

The elections in France and Greece tell us that austerity fatigue has set in. This is not surprising.

For many countries no plausible exit exists from depression, deflation and despair.

If the currency union were a normal fixed exchange rate arrangement, it would collapse, as did the gold standard in the 1930s and the Bretton Woods system in the 1970s.

The question is whether the fact that it is a monetary union will do more than delay that outcome.

What Hollande must tell Germany - FT.com

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