The events of Wednesday 23 November in the Eurozone were a turning point in the history of the 17 member state economic and monetary union of the EU.

For one thing, it was the first time in the 11-year history of the common currency that an issue of German ‘bunds’ (sovereign bonds), fell dramatically short of expectations.

A €6 billion, ten-year bond issue was placed in the market by the German treasury. The result was that not only did it attract less money than the ...

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