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Quantitative easing alone will do little to boost the eurozone economy. The ECB needs to shift expectations and this requires a different approach to monetary policy.
Neither Greece nor the eurozone want Grexit, and it is unlikely to happen. But neogiations will be difficult and uncertainties over Greece's membership will persist.
John Springford writes a letter of opinion in the Financial Times.
The main reason for stagnation is poor macroeconomic policy: the eurozone needs fiscal and monetary stimulus, but the politics of the currency union preclude this.
The French are gloomy about their relationship with the Germans and the chances of economic growth. But they are working on new ideas for eurozone governance.
The ECB should stop waiting for German approval of more aggressive monetary policy, and Germany should back the ECB more openly.
A eurozone-wide public investment stimulus is neither impossible nor mad, but should be part of a strategy to pull the economy off the rocks.
Eurozone stagnation will encourage migration to Britain, boost its EU budget contributions, and rebalance its trade towards non-EU markets. This will embolden eurosceptics.