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April 28, 2014 AT 10:13 AM
European Central Bank Vice President Vitor Constancio said on Monday, the euro zone has made encouraging progress after facing the risk of break-up two years ago but this "does not mean we are entirely out of the danger zone". Constancio said the euro zone still faces major challenges in terms of lackluster growth, excessive unemployment and significant financial fragmentation - or uneven financial conditions. He was speaking at a joint ECB and European Commission conference on financial integration. Constancio said, another challenge was "a low inflation period that threatens to aggravate the burden of the debt overhang still besetting governments and private economic agents."