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  • sition is ascendant in the polls.If deflation took hold - a big if - that would pose the direst threat of all, raising the prospect of a Japan-style lost decade and making national debts even harder to pay off.A plunge in euro zone inflation to just 0.7 percent prompted the ECB to cut interest rates in November but many of its members are viscerally opposed to the sort of money printing that final
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