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Until a few months ago, the prevailing narrative was that the economic crisis was over, even for the hard-hit countries of the eurozone's periphery.GDP growth in the eurozone has been slowing since its peak in the third and fourth quarters of 2017 . The persistent weakening of the eurozone economy even in Germany, GDP contracted in the third quarter of 2018 does not bode well for the EU, which could be facing twin political and economic crises.The obvious question is why the eurozone recovery is waning, even amid highly supportive expansionary monetary policies. The latter, in particular, call for an aggressive response not least because, if the eurozone economy were to enter a recession in the near future, it would have limited policy tools with which to counter it.It would demonstrate that eurozone countries recognize the importance of policy coordination, whether fiscal consolidation during good times or countercyclical fiscal policy during bad times to minimize the chances of a debt crisis in the monetary union's weaker economies.
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