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To Save Euro, Turn Banks Into Mutual Funds: Laurence Kotlikoff

Sept. 14 (Bloomberg) -- Eleven years ago, economic historian Niall Ferguson and I marked the euro’s birth with a Foreign Affairs article titled “The Degeneration of EMU.” We argued that absent centralized fiscal policy, euro-zone countries would fight over how much money the European Central Bank should print to help pay their bills. We gave the euro a decade.

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