The euro-zone’s Q1 GDP release made very grim reading. At least continued economic weakness will keep the pressure on the region’s policymakers to do more. But fiscal leniency has so far been very limited. And the latest comments from German Finance Minister Wolfgang Schäuble have put a serious dent in hopes of either a region-wide bank resolution fund or ECB purchases of asset backed securities. Accordingly, meaningful economic growth remains a dim and distant prospect.
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