Many Europeans have come to believe that they have weathered the economic and financial storm.
In the last two years, deficits and debt have stabilized. Yields on the sovereign debt of the eurozone periphery's weak economies have fallen sharply. Portugal and Ireland have exited their bailout programs. Talk of Greece leaving the euro has subsided.
All of that is true, but there is a big catch: Economic growth in the European Union remains anemic.
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