Put the brakes on

It was a long time coming, but in recent weeks the euro has recovered to the level where it first traded against the dollar in 1999. This symbolic moment caps an impressive year, which has seen the euro appreciate by more than 40% against the dollar. There has, though, been little triumphalism among European policymakers; instead the mood is one of concern for the harm which a strong currency will do to an already fragile European economy.

Such concern is well founded. JP Morgan Chase estimates

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