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Debt crisis redefines sovereignty in EU

Nations exchange control for greater financial stability

By Raf Casert
Associated Press / December 11, 2011
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In a fundamental shift agreed upon in the dead of night, most of continental Europe has decided to cede a surprising amount of control over how it spends its money to an ill-defined pan-European body. And this just weeks after two of the countries - Greece and Italy - replaced their leaders because of pressure from foreign investors. Britain, a fiercely independent island nation, was the only country insisting on keeping full control over its finances. This is what three years of financial chaos have wrought.

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