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Economics and investment: Europe—a safer bet than it looks

There is political uncertainty but investor fretting is overdone

The headquarters of the European Central Bank (ECB) in Frankfurt. Photo: Daniel Reinhardt/DPA/PA Images

Investors have become used to fretting about Europe. That is particularly true in the context of Brexit-related uncertainty, but concerns go back much further. The politics always seem a mess, a crisis usually appears imminent and growth is often soggy. Structural flaws in the design of the euro—a single currency not backed by a single fiscal authority or fully unified capital market—appear to leave open the risk of a dangerous accident. So what is the…

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