Will the ECB Ride to the Rescue?

Just days to go before the most closely-watched ECB meeting of some time—and a handshake that could yet turn out to be historic. Calls by Mario Draghi for more fiscal flexibility in Europe move him much closer to France and Italy—away from Germany and strict austerity. And are finding resonance in academic circles too. Professor Richard Portes of the London Business School says the euro zone's recovery story is long over-hyped.

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