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Commentary: Euro not to collapse despite daunting challenges

By Wang Haiqing (Xinhua)

17:05, January 07, 2012

BEIJING, Jan. 7 (Xinhua) -- Recent developments in the fermenting European debt crisis once again fanned discussions about the future of the euro. It is believed with good reason that the European common currency won't collapse despite its current dire situation.

Ten years ago, when it went into circulation in the then 12-member currency union, the euro was hailed as a significant milestone on Europe's road toward integration.

At that moment, people were quite convinced that Europe would embark on a ship of shared growth and common prosperity and optimistic sentiment was running high.

Ten years later, however, the picture is anything but rosy. One after another, eurozone members are collapsing under their debt burden and have to be bailed out by their neighbors. And the neighbors themselves also now have to cope with rising borrowing costs on global markets.

Many argue this debt crisis stems from the flawed pedigree of the euro -- it encourages less developed members to spend excessively on cheap credit made possible by the steady growth of their wealthier peers.

While recognizing that fact, what should be noted are the great benefits brought to both the region and the world by the introduction of the single currency.

German Chancellor Angela Merkel said in a recent speech that the euro was more than a currency -- "It's the cornerstone of European prosperity."

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