Has the ECB saved the euro-zone again?

After saving the day with its pledge to “do whatever it takes” in 2012, the ECB has arguably now brought on a recovery with its quantitative easing programme. But we expect the policy’s effects to fade rather than grow with time. And the Bank is neither willing nor able to prevent singlehandedly a Greek exit from the euro-zone or eradicate the risk of contagion.


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