The fate of the euro dramatically contradicts the fantasy that one size fits all. Trying to operate one currency to satisfy the needs of 19 countries of varying size, wealth and political dynamics was always going to be a near-impossible task. Yesterday, the European Central Bank tried one last attempt to make it work. The ECB announced that it would inject at least €1.1 trillion into the eurozone economy. The value of the currency immediately fell to an 11-year low against the dollar.
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