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Bank Spain Says Markets Showed Signs of Euro Disintegration

Bank of Spain Chief Economist Jose Luis Malo de Molina said markets were showing signs of the “disintegration” of the single currency before the European Union summit last week.

“The freezing up of the interbank market and the dislocation of sovereign-debt markets constituted signs of disintegration of the single-currency area and serious obstacles to the transmission of common monetary policy,” he said in a speech late yesterday posted on the Bank of Spain’s website.