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  Ireland is the first European country to go into recession. Other countries inside the Euro-zone are also likely to do so (along with us, though thankfully outside the Euro).
  
  There is some speculation starting that this will create a crisis for the Euro. Individual countries have little or no flexibility to adjust their monetary policy to fight the impact of this thanks to the common currency. Some believe it might even be terminal for the currency. I am not so sure about that, but it will be interesting to see how this unfolds.

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