During much of 2015, the extraordinary crisis in Greece distracted attention from a promising recovery in the euro area. Though Greece's place within the currency union remains precarious, the focus in 2016 will be on whether that euro-zone recovery can be sustained and will be sufficiently robust to scotch a deflationary mindset. The risks of a slowdown in growth, together with stubbornly low inflation, are considerable and will mean that the European Central Bank (ecb)'s programme of quantitative easing (qe) will carry on beyond September 2016, when the ecb originally scheduled it to end.
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