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Marcello Minena says the effects of fragmentation are not as severe today as they were in the 2010s
Interest rates in the euro area have been below zero for 10 years, but are now trending back into positive territory. This, combined with the gradual reduction of the Eurosystem's balance sheet by the European Central Bank and national central banks (NCBs), has reduced the amount of risk spread across member states' financial systems. This means that if a country were to leave the eurozone, the remaining member states would be less severely affected than if they had split.
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