"The clear and present danger is, instead, that Europe will turn Japanese: that it will slip inexorably into deflation, that by the time the central bankers finally decide to loosen up it will be too late."
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Original Language: English
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Sources
Paul Krugman, "The euro: beware of what you wish for", Fortune (1998)
https://en.wikiquote.org/wiki/Euro
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Euro
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