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Eurozone stability is under threat again

The risks are different from those in the last crisis. The eurozone will not fail because of a collapsing bank. But the eurozone is now at greater risk of failing politically than it was then.

Ms Lagarde’s statement was not your average rookie mistake. A former managing director of the IMF, she is an experienced crisis manager.

The former ECB president’s intervention saved the eurozone, but also raised deep questions about governance. He may have inadvertently given EU leaders an excuse to do nothing about fiscal union. 

Without ECB support, more Italians, not just on the extreme right, will ask whether they should leave the  and regain control over their exchange and inflation rate.

Wolfgang Münchau FT 15 March 2020

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