If the recovery in the euro zone came to a standstill,the knock-on effects would be disastrous Is European Union membership a handicap? Is the low level of productivity gains in the euro zone due only to the shortfall in investment? Criticism of Germany’s fiscal policy is justified,but the excess savings problem is bigger than fiscal policy The anomaly is not negative interest rates but long-term interest rates that are lower than growth rates The segmentation of financial markets in the euro zone: A double problem What"traps"if labour market flexibility is increased? Budget-7/10,demand boost… China:PBOC announced a 50bp RRR cut Greater China