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German Vision Prevails as Leaders Agree on Fiscal Pact

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Europe's worst financial crisis in generations is forging a new European Union, pushing Britain to the sidelines and creating a more integrated, fiscally disciplined core of nations under the auspices of a resurgent Germany. The new disciplinary rules may help ensure that there will not be another euro crisis, but they may not be sufficient to fix the current crisis -- to assuage market unease that Europe and the European Central Bank are not doing enough now to stand behind vulnerable nations.

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