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Euro Needs Germany to Get Control of Purse Strings: David Marsh

Can the euro maintain its position as a world currency after the sovereign-debt crisis?

Only if the euro area ceases to be a free-wheeling collection of states and is more closely controlled by the creditor nations of northern Europe, led by Germany. This development is likely to impose more stringent and unpopular conditions on the debtor states of southern Europe straggling to come to terms with Europe’s new balance of power.