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The
costs of uncertainty in the coordination
process and in the ECB's response
to speculative attacks have been huge
for the European economies and the citizens.
Yet, inspite of the unsatisfactory outcomes,
the European Governments and authorities,
trapped by the defensive approach, still
propose punitive measures similar to those
that the Washington Consensus and the
IMF imposed on Latin American countries
in the 1980s and the 1990s.
March
26, 2012.
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