European Headwind: ECB Policy and Fed Normalization

It has been five years since the epicenter of the global financial crisis that erupted in late 2008 moved from the United States across the Atlantic.  Since then, while the U.S. economy has enjoyed recovery with steady growth, the euro area economy has languished, going through a double dip slump and currently at risk of falling back to an unprecedented triple dip recession.  The mismanagement of the euro area crisis has converted a relatively small and potentially easily manageable fiscal problem that originated in Greece into a systemic crisis for the euro area as a whole.  

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