Europe's Leaders Exercised `A Healthy Dose Of Pragmatism'

I found Robert Kuttner's article, "Why Europe didn't take the last step toward union" (Economic Viewpoint, Aug. 23), to be a superficial analysis of the recent turmoil in the European foreign-currency markets. The article's main premise--that Europe's leaders dealt with the crisis in a weak manner and that the outcome of events is tantamount to the dissolution of the European Monetary System--is suspect.

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