| Summary/Abstract |
The Eurozone economy is stalling. Growth forecasts have been revised down. Inflation is falling, well below the level consistent with the definition of price stability (two percent). Unemployment remains high. Divergences between the members of the monetary union have not shrank, with northern countries recording large and increasing surpluses in their current accounts, while the deficits in the south have largely been cut through sharp contractions in domestic demand and imports.
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