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By Peter Sutherland
Published: June 29 2010 20:15 | Last updated: June 29 2010 20:15
An honourable tradition of the European Union is that of turning a crisis into an opportunity. "Eurosclerosis" and budgetary squabbles in the 1980s were the precursors of the Single European Act of 1986; and the crisis of the exchange rate mechanism in 1992-1993 accelerated the creation of the European single currency. There is reason to believe that the current crisis of governance in the eurozone will follow this pattern if only because the alternative is really dreadful.
The past three months have provided painful lessons to the leaders of the eurozone about the design flaws of the single European currency. The financial package agreed in May is proof of the seriousness with which these leaders are willing to implement these lessons. But this is only part of the story. Equally significant is the willingness of the eurozone's leaders to look again at the principles of the way the euro is run. National positions have greatly shifted over the past three months. It would be very surprising if they did not shift further over the next three months.
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