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The global economy is in the midst of its deepest and most widespread recession since WW II. The euro-area economy has not been spared. It has been in recession since the second quarter of 2008 with the fall in real GDP accelerating to 2.5% quarter-on-quarter (q-o-q) by the first quarter of this...
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social-security coverage. This boosted precautionary savings and contributed to the more pronounced fall of the consumption …
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