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The pound needs to spend 2 years in a narrow exchange rate band (the ERM). This means the £ cannot have joined the Euro by the end of next year.

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
by Carrie (migeru at eurotrib dot com) on Thu Dec 11th, 2008 at 03:41:53 PM EST

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