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Greenspan: European Union Doomed to Fail

The European Union is doomed to fail, at least as a monetary bloc, because the cultural differences between northern and southern countries are just too vast to allow for one monetary policy, says former Federal Reserve Chairman Alan Greenspan. "At the outset of the creation of the euro in 1999, it was expected that the southern eurozone economies would behave like those in the north; the Italians would behave like Germans. They didn't," he told CNBC.