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Financial Stability: 'Collective Responsibility' Will Not Work

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Executive Summary

Is the 'Euro crisis' closer to a resolution? Europe's leaders have promised to find by the end of this month a comprehensive package, not only to end this crisis, but also to preserve the stability of the euro for the future. Unfortunately they are unlikely to succeed because most of the elements of the package on the table so far deal with the symptoms, not the underlying cause of the crisis. Chancellor Merkel likes to underline, rightly, that one should not speak of a 'Euro crisis', but of a 'Debt crisis.'

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