How will the Eurozone cope with the next downturn?

Spring 2015 brought a burst of sunshine over the eurozone economy. The French economy expanded rapidly in the first quarter of 2015 and even the Italian one managed respectable growth. There is little to suggest that the current upturn will be strong enough to bring down debt levels or enable the European Central Bank to raise interest rates in any meaningful way. But there is much to suggest that the upturn will be used as a justification for further delaying the adoption of the federal structures needed to make the euro a success.

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