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David Marsh
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is Co-Founder and Managing Director of the Official Monetary and Financial Institutions Forum (OMFIF) in London. His books include "Europe’s Deadlock: How the Euro Crisis Could Be Solved – And Why It Won’t Happen".

The president of the European Central Bank has a tough balancing act to pull off – do too little and the common currency will fall apart; too much, and European policy-makers won’t take steps necessary to strengthen it.