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JE: Is the eurozone crisis now abating?

JCT: We have had already three acute episodes in the euro area crisis and now we are not in an acute episode. But I would say this is no time for complacency and we have a lot of appropriate reform to conduct, including of course at the level of each country and governance of the euro area as a whole. Yes—at this stage we are not in an acute episode of the crisis of the Euro area.

Let me mention that I make a difference between the euro as a currency, which has…

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