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By Tommaso Padoa-Schioppa
Published: May 13 2010 20:17 | Last updated: May 13 2010 20:17
Ideology and culture matter, and may be decisive in the battle for the euro.
Over many months, a mighty army has advanced on the citadel of the European currency with the cry: "It will never work!" The army was quick and single-minded, the citadel slow and divided. The besiegers were thousands, steeled by convictions all the more fervent for their extreme simplicity. Their reasoning was as follows: the euro area is not a political union and can never become one, because Europeans have no appetite for it and nation-states will not relinquish power. The citadel, therefore, is doomed to capitulate and its stubborn resistance merely serves to create profit opportunities for astute traders.
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