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After a double-dip recession and an extended period of stagnation, the eurozone is finally seeing green shoots of recovery. Consumer confidence is rising. Retail sales and new car registrations are up. The European Commission foresees 1.3 percent growth this year, which is not bad by European standards. But it could be very bad for European reform.

It is not hard to see why growth has picked up. Most obviously, the European Central Bank announced a very ambitious program of asset purchases — quantitative easing — in late January. That prospect rapidly drove down the euro’s exchange rate, enhancing the international competitiveness of European goods.

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