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With surprising objectivity and clarity, the IMF has politely suggested that the Eurozone may wish to prepare to deal with the next economic slowdown. This classic understatement belies the fact that this slowdown has already been gestating for at least a year. The IMF also politely identified the external threats of trade wars and Brexit as the causes. Eurozone policy makers can therefore blame said external forces for ruining their beautiful recovery. They will however have to blame themselves for not responding, if they fail to react with