What really caused the eurozone crisis?
19 June 2012Last updated at 09:10 ET World leaders probably spend more time worrying about the eurozone crisis than anything else nowadays. But as eurozone governments struggle to agree the best way out of the crisis, are they missing what caused it? Continue reading the main story The eurozone has agreed a new "fiscal compact" Eurozone parliaments are in the process of ratifying a tough set of rules - insisted on by Germany - that will limit their governments' "structural" borrowing (that is, excluding any extra borrowing due to a recession) to just 0.5% of their economies' output each year. The pact, which will come into force once 12 out of the 17 eurozone member states have ratified it, will also limit their total borrowing to 3%.
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