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Euro’s decline does not take the onus off the ECB

Taken in isolation, the euro’s decline against the dollar is a welcome development for the euro-zone economy. But in trade-weighted terms, the currency has still strengthened this year. And given that its slide against the dollar has partly reflected concerns about the adverse economic effects of political turmoil, it should not dissuade the ECB from maintaining ultra-loose policy for a long time to come.

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