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According to Bolkestein, the collapse of the euro is both inevitable and necessary. This prospect, though, is neither tempting nor likely. If I reach this conclusion, it is not just because that the rescue measures that reinforce the power of the European institutions are now being taken at dazzling speed â for example, the compliance test applied to budgets of member countries, or the strengthening and improvement of the Court of European Auditors, or even, of course, the creation of a permanent European Financial Stability Fund. These are all initiatives that would have been inconceivable just five years ago.