On its own, probably not as Europe will just throw some more money at the problem. But as one more black Swan, it's another question.
Europe is investing massively in a war in Ukraine that is being lost by the day. This money doesn't matter until it does. Suddenly credit will become tight. Companies, then banks and finally countries will go belly up. As long as this day seems far in the future, it doesn't matter much. But what happens when the future becomes the present. Stay tune. We will know the answer soon.
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