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BERLIN — Chancellor Angela Merkel is telling German lawmakers that Europe faces an "existential" test as it works to shore up the euro.
Merkel said Wednesday as she addressed the lower house of parliament that the shared currency is in danger and that failing to meet the challenge would have incalculable consequences.
She said: "it is about no more and no less than the preservation of the European idea. That is our historic task; if the euro fails, then Europe fails."
German shorting ban triggers global share sell-off, but euro rallies on intervention talk
World stock markets tumbled as investors digested Germany's unilateral ban on short-selling but the euro rallied from fresh four-year lows on talk of ECB intervention.