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Can Lagarde Save the Euro?

Christine Lagarde has joined the global “whatever it takes” chorus, and the eurozone’s fate hinges on whether her “whatever” is enough. The pandemic response the European Central Bank unveiled Wednesday night may be Europe’s last, best hope of averting a deeper financial crisis and perhaps a breakup of the currency bloc.

The ECB is rolling out a new version of quantitative easing, the Pandemic Emergency Purchase Program or PEPP. The central bank will commit to buying assets worth €750 billion between now and the end of the…

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