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ECB steps up, EU leaders at loggerheads

Evidence is mounting that the slump in euro-zone GDP will be even steeper than the 15% drop that we had anticipated. This will put huge pressure on the public finances. The ECB has at least taken the pressure off by abandoning its issuer limits, but EU leaders are still unable to agree how to manage this cost. Looking ahead, we expect to draw some more extreme charts next week, tracking the collapse of economic activity and surge in unemployment.

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