A euro sign is photographed next to an emergency phone box outside the former headquarters of the European Central Bank (ECB) in Frankfurt, Germany. REUTERS/Kai Pfaffenbach
By Neil Unmack
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
The good news is that the European Central Bank will probably start a massive additional round of quantitative easing to fight the break-up of the euro zone.
QE2 — a second round of quantitative easing — means that soon the U.S., Japan and Britain will all be busily exporting their deflation, raising the question: Just how much pain can the euro zone take?