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Following my visit to Berlin this week, I can now see the sequence of events dropping into place that could enable a durable EMU to emerge from the ashes of the first phase. But there is no quick fix! The final shape will only be operational after a major new Treaty is in force - and that may be agreed in 2015 and finally ratified hopefully by 2017.
So this is a five-year haul - and it could come unravelled at any stage depending on the vagaries of elections and other external events.
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