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Commentary: Euro not to collapse despite daunting challenges (2)

By Wang Haiqing (Xinhua)

17:06, January 07, 2012

Indeed, this view is shared on the European continent and beyond.

In addition, given the status of the euro as the second largest international reserve currency and the European Union as the world's largest economy, the prospects of a breakup of the currency would trigger an ugly chain reaction inflicting casualties across the globe.

On the sunny side of the issue, European leaders have become more determined to remove structural loopholes in the single currency scheme exposed during the two-year debt crisis.

They agreed to strengthen fiscal discipline within the eurozone and establish a surveillance system to monitor macro-economic risks. Most important of all, they decided recently to bring a permanent bail-out facility into force in July 2012, a year earlier than planned.

It's expected the eurozone leaders will carry out further reforms in coming months to strengthen the currency and those nations currently bogged down in debt face up to their responsibilities.

The stainability and vigor of the European single currency depend on stable and balanced economic growth in the eurozone. At this time of difficulties, members with more resources should not hesitate to extend their helping hands to debt-ridden neighbors, not only as a show of solidarity but also as a move necessary to keep themselves afloat in the long run.

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