File - Picture taken on September 4, 2014 shows the EURO logo outside the European Central Bank (ECB) in Frankfurt/Main, western Germany. AFP PHOTO / DANIEL ROLAND
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European Central Bank President Mario Draghi has moved closer to launching sovereign debt purchases and data this week will show just how dangerously low inflation has fallen in the $13 trillion eurozone economy.A sickly Europe has held back global economic growth for years, and now it is contributing significantly to powerful forces dragging down inflation across the globe.The latest Reuters poll suggests eurozone inflation relapsed to 0.3 percent in November, far from the ECB target of just below 2 percent.Despite years of zero interest rates across mature economies and trillions of dollars worth of emergency stimulus from central banks, alarm bells are ringing worldwide.Bank credit to the private sector has been contracting for more than two years and the few economists who gave a forecast expect another roughly 1 percent fall compared with a year ago.
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