That would result in a eurozone dominated by Germany in which the divergence between the creditor and debtor countries would continue to widen and the periphery would turn into permanently depressed areas in need of constant transfer of payments.

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It would be far easier for Italy to reduce its government budget deficit and trim its national debt, both required if it is to join in the single currency starting in 1999, without the constant pressure to transfer yet more resources to the south.

ECONOMIST: Italy��s economy