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Deflation spreading in Europe

The ECB has already demonstrated an unusually, and perhaps worryingly, high tolerance of low inflation readings, with no additional action having been taken despite Eurozone HICP at 0.5% year-on-year as inflation continues to fall in many countries.

Why might this be? One reason might be that while it is very concerned about deflation, at this point in time the ECB does not have a clear idea …

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