“In understanding the collapse of the ERM, however, what is important is that to subordinate domestic (that is, national) economic considerations to national foreign policy goals almost always corresponds to subordinating the preferences of the population at large to those of a political élite, and can never be unconditional, except – possibly – in the most ruthlessly efficient totalitarian state. The”

Bernard Connolly, The Rotten Heart of Europe: Dirty War for Europe's Money
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