Illustration: Kevin February
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IN ADDITION |
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When in 1948 the US and British occupation authorities in Germany were squabbling over how much to enfeeble the banking sector that had financed the Third Reich, they eventually reached a compromise that endures to this day.
To complement the heavily decentralized commercial and central banking sectors in ‘Bizonia’, as their jointly run territory was informally called, would be an institution that could provide desperately needed longer-term credit to rebuild Germany.
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