For the euro to take on the greenback as a more powerful global force, there would have to be considerable efforts to address imbalances generated by member states' public debt and Germany's large surplus, according to Charles Dumas of T S Lombard. "Something is going to have to be done about the eurozone surplus and the imbalances within Europe that create that surplus. They are pursuing an Italian exchange rate in an economy in which Italy is a very small proportion of the total," he said.
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