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We expect the ECB to make greater use of its balance sheet to tackle persistent low growth and significant disinflationary forces.
Now that Spain has agreed to fiscal and structural reform, investors need to take a view on the likely policy response.
The risk of one or more countries leaving the euro is no longer politically unthinkable.
There is no guarantee that Greece will pull off an orderly debt restructuring, but early attention to several factors would increase the probability.