EU, the authors split selected member countries into two groups: the core and the periphery.
With a common monetary policy, both the core and the periphery are about to get the opposite of what they need.
But optimists argue that the scale of the bond-market moves and the dynamics behind them are totally different in the core and in the periphery.
ECONOMIST: Get ready for more volatility in government bonds
If we were focusing just on the EUR, then the market should be expecting the trend of firmer data in Europe to continue this week, both in the core and in the periphery.
It is hard to quarantine the policy decisions of a core from those of a periphery.
Britain used to fear languishing on the EU periphery while a core of true believers raced towards ever-closer union.
But in the United States, and much of the rest of the high-income world, this is accomplished by bringing residents from the periphery to the core by car, train, bus and increasingly through telecommunications, even as most jobs are located elsewhere in the urban area.
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Even as the core shrinks, however, the periphery is growing.
The fundamental problem that Mr Draghi faces is the acute divergence within the euro zone as capital flight sucks funds out of the periphery and into the core, making monetary conditions simultaneously tight and loose.
This simultaneous shift in the rich world's core as well as the enfeebled euro periphery raises two questions.
ECONOMIST: Get ready for more volatility in government bonds
Because of its agglomeration benefits, the core could have higher tax rates than the periphery, without having to worry that capital might flee.
What it does is, Owen argues, leave the periphery floundering while over-pressuring the core economies.
There is also disturbing evidence that the weakness in the so-called periphery countries has spread to the 'core' - not just France, where the index reflecting new manufacturing orders fell to its lowest level since 2009, but also to Germany.
There are other strategies that could work, most notably relative deflation, or rather lower inflation in the periphery countries, higher inflation in the core, so that the relative costs and prices come into line but do so in the context of general inflation.
For now, the euro zone's core countries are likely to do better than those on the periphery.
The catastrophe could start in the periphery, but it would spread fast and engulf the core soon enough.
What's more, a European fund would not have to be big enough to deal with simultaneous deposit runs across all of Europe but only with ones in the periphery, since money would presumably flow to banks in core countries such as Germany.
Neither has a strong central core, and most of the jobs in the areas are on the periphery.
FORBES: Megacities And The Density Delusion: Why More People Doesn't Equal More Wealth
At what point does the insolvent periphery include so many countries that markets lose confidence in the solvency of the shrinking core to bail them out.
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