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The demise of monetary unions past: Austro-Hungary 1919

Should the eurozone collapse, it would not be the first European currency union to fall by the wayside

Germany's ruling Christian Democrats told Angela Merkel yesterday that she must persuade her eurozone partners to lay out a path for those countries that might want – or need – to depart the union to do so.

Break-up was so unthinkable when the project first took flight that no legal provision was made for the possibility of countries departing the eurozone.

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