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Why is the eurozone ailing again?

Unorthodox measures from the ECB cannot make up for the underlying design defects of the euro

By Paul Wallace  

European Central Bank President Mario Draghi. Photo: Lu Yang/Xinhua News Agency/PA Images

The euro area has made a dispiriting start to 2019. Gone is the backslapping that accompanied its 20th anniversary on 1st January. As so often in its chequered history, the monetary union appears better at surviving than thriving. But just how bad have things become and what is the root cause of the problem?

For a brief moment, in 2017, the euro area was on a roll as GDP expanded by 2.4 per cent, the highest for a decade.…

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