It is as though the ECB just looks at the German economy which had an impressive set of results lately, however, the EZ is more than just Germany and most of the economies on the periphery, including Ireland and Greece, are mired in recession.

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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.

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Because, as I have discussed many times before, this is not just a debt crisis for the so-called 'periphery' economies. (I think we are supposed to forget, in these conversations, that the EU came of age with the Treaty of Rome.) It is also a crisis of competitiveness.

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Just a couple of years ago, cloud was mainly on the periphery, used in applications such as email or websites.

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And what looks like ECB emergency liquidity for periphery banks is just as much balance of payments financing for the entire economy - something that has previously tended to be provided by the IMF. ( I went into this distinction in greater depth a while ago).

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The barrister also stressed that Mr McLaughlin is not suspected of just having a periphery involvement.

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" He should have called it "At the Periphery of the Storm" or maybe: "Was That a Storm That Just Went By?

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The periphery wants better balance between growth and austerity, while in Germany, it seems, they just want a change.

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