Neither the financial crisis nor the euro crisis is over

The debt of the non-financial sector in the 20 most important industrialised and emerging countries is now higher than it was before the beginning of the financial crisis in 2007/2008.

In addition, the ECB's zero and negative interest rate policies and bond purchase programmes are eroding the banking system in the euro area. Both the efforts to introduce a "new lira" as a parallel currency in Italy and the demands of French President Macron and EU Commission President Juncker prove that the euro crisis is far from over.

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