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Italy and the others were already in the Exchange Rate Mechanism.

The poriphery's political commitment to European integration amounts basically to a Stockholm syndrome in the case of monetary policy.

It appears Germany of all countries has no political commitment to European integration, of which maybe France is to blame as they managed to prevail over Germany in the first EEC constitutional crisis, in which Germany was Federalist and France Nationalist.

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Thu Jun 2nd, 2011 at 10:02:59 AM EST
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