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Monday, August 11, 2003

The Euro: A Weak Federalist Currency 

The euro currency is the jewel in the crown of European Union federalism. But now France looks set to smash the rules underpinning the euro with a budget deficit as high as four percent of its GDP. (The EU Stability Pact allows only three percent.)

In Sweden, a Euro Referendum is to be held in September. And it looks like the federalists will be on the losing side. If Swedes say no to the euro, Brits might follow. That would mean a major setback for the federalists.

And that’s not all. The silver strips on small euro notes are wearing away after heavy usage, causing innocent people to be accused of forgery, reports German tabloid Bild.

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