To smooth its growth, Inditex has opened a new distribution centre in Zaragoza.

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One can be forgiven for not having noticed the emerging rollover because of what happens next, nonetheless the slowdown in debt-to-GDP growth is smooth and clear.

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But the commission also emphasised that economic growth is needed to smooth transition, and that business and government should agree on new measures.

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Handled correctly, that type of growth can become self-sustaining, but monetary policy can help smooth out any bumps along the way.

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