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Recall that the story of the intra-EU imbalances was picked up from Sinn by Martin Wolf, though early on he correctly interpreted it as a bank run/flight to safety and later he shifted his focus to the "the ECB is funding deficit countries" narrative. (See here).

There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
by Carrie (migeru at eurotrib dot com) on Mon Mar 5th, 2012 at 04:35:03 PM EST
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