Duisenberg should stop suffocating Europe

ARTICLE - In the autumn of 1998, amid the storm of the Asian crisis, Europe's central bankers referred to Europe as an "island of stability". They were roundly criticised by their US friends who felt that the world economy was enduring its worst financial crisis for 50 years.

First published in the Financial Times by Phillip Hildebrand, 7 November. The writer is a managing director of Union Bancaire Privee.

Four years on, the world economy is again under attack. This time it faces a potentially

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