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The Tragedy of the Euro

by IREF

Philipp Bagus, a young Spanish scholar and one of the prize winners of the IREF Essay Contest, recently published a very interesting book on the European monetary system. Using the tools of the Austrian economic theory, Bagus is providing a convincing explanation of the current sovereign debt crisis, which is a direct result of the credit expansion of the EU banking system. You can read “The Tragedy of the Euro” here.

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