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Prof. Thomas Cooley on the economic challenges facing the ECB

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Excerpt from The New York Times -- "'I do think they’re at a critical moment,' said Thomas F. Cooley, an economics professor at the Stern School of Business at New York University. 'There has got to be some attempt on the part of the E.C.B. to stimulate the economy. They are the only ones capable of doing the heavy lifting.'"

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Additional coverage in CNBC.