``... there is one region which seems, perversely, to be drawing comfort from the latest turn of events -- the eurozone. For the high priests of the single currency, the renewed travails of Argentina and Turkey seem to vindicate all they have been trying to do. Countries that fail to engage in adequate supply-side reform, and instead constantly attempt to devalue and inflate their way out of trouble, only doom themselves to repeated economic failure. Contrast this with the eurozone, they say, where the single currency forces member states to address the underlying causes of their afflictions. The easy option of devaluation is denied.''

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