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Yes. And an important point...
So, the two "Target 2" professors deserve credit for explaining the detailed mechanisms of how a monetary union functions in the presence of a broken banking sector.

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 08:55:49 AM EST
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