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Making the Euro Whole

NEW YORK – The architects of the euro knew that it was incomplete when they designed it. The euro had a common central bank but no common treasury. This was unavoidable, because the Maastricht Treaty was meant to bring about a monetary union without a political union.

European authorities were confident, however, that if and when the euro ran into a crisis, they would be able to overcome it. After all, that is how the European Union was created, taking one step at a time, knowing full well that additional steps would be required.