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European Central Bank turns 10, but next decade looks grim

Posted May 29, 2008

“Before the string section pipes up, we recommend that the party organisers have a think about sticking a cork in the trombones. The second ten years are going to be a lot less triumphant than the first ten.” — Jody Clarke

by Jody Clarke

Baltimore – (TFN): It’s the European Central Bank’s 10th birthday party. But not everyone is celebrating.

It’s set to be a bubbly few hours in Frankfurt this Monday. The European Central Bank (ECB) is 10 years old this weekend, and the bureaucrats at its German HQ have planned quite a party. After the various eurozone finance ministers gather for the traditional ‘family photo shoot’, “there will be some speeches, the cutting of a 10th birthday cake and then a closing concert”, says Raphael Anspach, a spokesperson for the ECB, rather enthusiastically. Sounds fun.

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But before the string section pipes up, we recommend that the party organisers have a think about sticking a cork in the trombones. The second ten years are going to be a lot less triumphant than the first ten… Read on to learn more.

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Posted by Jody Clark · Filed Under International Investing 

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