Among the main drivers of the European debt crisis over the past two years has been the deepening in the economic recessions across the European periphery.

Has the ECB really solved the Euro crisis?

Desmond Lachman 

• Judging by the very favorable market reaction to Mario Draghi's announcement in July 2012 that the ECB would do whatever it took to save the euro, one could be forgiven for thinking that the European debt crisis has now finally been resolved. 
• However, European policymakers would be making a grave mistake if they were to allow themselves to be lulled into a false sense of security by the market's relative calm. 
• Since once again the ECB is only addressing the symptoms rather than the underlying causes of the crisis. 
• And it is only a matter of time before Europe's weak underlying economic and political fundamentals again reassert themselves.

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