Is the euro zone’s doom loop still to be feared?

Those old enough to remember the euro zone’s economic crisis of a decade ago may have felt a shiver of déjà vu on June 15th, when the European Central Bank (ecb) called an emergency meeting to discuss the widening spreads between member countries’ government-bond yields. It is nearly exactly a decade ago that, as yields soared, Mario Draghi, then the president of the ecb, promised to do whatever it took to preserve the single currency.