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ECB Rues Limits of Stimulus as IMF Gauges Rust in Economy

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As European Central Bank policy makers vaunt the success of their stimulus measures so far, they remain as aware as ever of its limits.

Fresh from their latest policy meeting in Frankfurt on Wednesday, euro-zone officials are now headed for Washington, where the International Monetary Fund singled out the currency bloc in an assessment last week on the depletion of growth potential across the world. The IMF and the ECB concur that decay from two recessions since 2008, one debt crisis and the lack of reforms to repair the damage risk acting as a brake on inflation that monetary stimulus can’t overcome.