As for Europe, the old continent is hobbled by inflexible product and labour markets. But that, paradoxically, is an advantage: it means the place has a lot of scope for improvement. Some European countries are beginning to contemplate (and, to a limited extent, undertake) economic reforms. If they push ahead, their growth could actually speed up over the coming years. Once investors spot this, they are likely to conclude that the euro is a better bet than the dollar.

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