The Eurozone Has Come a Long Way Since the 2009 Debt Crisis, but Risks Remain

In the eurozone, the end of extraordinarily low interest rates and extensive quantitative easing policies will put increasing pressure on government budgets, while continued low growth and already high debt burdens will render government finances less than solid; while the extensive reform of the euro area over the past 15 years has made the single currency much more resilient, it is still more vulnerable to endogenous and exogenous shocks than regular national currencies, such as the U.S. dollar....