‘Fatal flaw’ may derail euro project, says Axa

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Theodora Zemek

Speaking at a debate on June 14, Theodora Zemek, global head of fixed income at Axa Investment Managers, said the sovereign debt crisis had exposed a “fatal flaw” in the Eurozone, and made the break-up of the currency union a real possibility.

Zemek said the Eurozone’s response to the crisis had been hampered by a lack of political co-ordination, and that a more cohesive political union – akin to that of the United States – was a "precondition" for the lasting stability of the single currency.

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