A couple of years ago, the eurozone – about one-sixth of the world economy – appeared to be in serious trouble. Beginning in 2010, an unexpected sovereign debt crisis contributed to and was compounded by serious weaknesses in major banks. Fiscal austerity, in Greece and other relatively weak countries, helped fuel an overall economic downturn. In the absence of generous mutual support, there was an aura of last-ditch desperation when, in March 2015, the European Central Bank announced an ambitious program of purchasing government debt. Just over two years later, the situation looks much more positive. The latest ... (full story)